Benzinga | Dec 16, 2020 12:03AM EST

Wish Raises $1.1B In IPO Priced At Top Of Range

ContextLogic Inc (NASDAQ:WISH), the owner of Wish, is set to raise $1.1 billion in its initial public offering priced at the top-end of the indicated range.

What Happened: Wish priced 46 million Class A common stock shares at $24 per unit.

The company is granting its underwriters a 30-day option to purchase up to an additional $6.9 million worth of shares at the IPO price.

Goldman Sachs Group, Inc (NYSE:GS), JP Morgan & Chase Co (NYSE:JPM), and Bank of America Corporation's (NYSE:BAC) securities arm are the lead book-running managers for the offering.

Citigroup Inc (NYSE:C), Deutsche Bank AG's securities arm, UBS Group AG's (NYSE:UBS) investment banking unit, RBC Capital Markets, and Credit Suisse Group AG (NYSE:CS) are acting as book-running managers.

The shares are expected to begin trading on the Nasdaq under the symbol "WISH" on Wednesday.

Why It Matters: The owners of Wish earlier indicated a range of $22 to $24 for the IPO.

See Also: IPO Outlook: Popular E-commerce Company Wish, Plus Offerings From A Personal Loan Disruptor And A Biotech Firm

Wish has 100 million monthly active users in more than 100 countries and relies on 500,000 merchant partners. The company has shipped over 640 million items globally.

The e-commerce company, valued at $11.2 billion, has a heavily China-centric supply chain and pitches itself as an affordable rival to Amazon.com Inc (NASDAQ:AMZN), CNBC reported earlier.

Related Link: December Will Be The Big IPO Finale Of 2020