The latest Bay Area company to go public in a busy December for initial public offerings is the San Francisco maker of Wish, an e-commerce app known for selling inexpensive goods from China. ContextLogic, Wish’s parent company, reportedly priced its shares Tuesday at $24, at the top of its expected $22 to $24 range, Bloomberg News and others reported. At that price, it would raise $1.1 billion by selling 46 million shares, making the company worth $17 billion. ContextLogic — or Wish, as the company is more often referred to by its popular app’s name — will trade on the Nasdaq exchange under the ticker “WISH.” The decade-old company was founded in 2010 by Peter Szulczewski, now CEO, and Danny Zhang, who left last year. Wish has carved a niche for itself in the competitive world of e-commerce as a discount online store where some items sell for less than a dollar and more expensive items might go for as much as $10. There are 50-cent earrings, $2 skirts and $8 Wi-Fi beanies, among millions of other products sold by Wish’s 500,000 merchants, approximately 90% of whom are based in China. “Wish is focused on price, rather than convenience and… Read full this story
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