(Reuters) - General Atlantic-backed e-commerce firm Wish made public on Friday its regulatory filing for an IPO to list its shares on the Nasdaq, joining a host of companies rushing to take advantage of investor appetite for new listings.
In a filing, the San Francisco-based bargain shopping app reported revenue of $1.7 billion for the nine months ended Sept. 30, an increase of 32% from a year earlier. (bit.ly/36Qw5CQ)
ContextLogic Inc, which does business as Wish, reported a net loss of $176 million for the same period, compared to a net loss of $5 million a year earlier.
Wish confidentially submitted paperwork with the U.S. Securities and Exchange Commission to go public in August.
Founded in 2010 by former Google executive Peter Szulczewski and Yahoo veteran Danny Zhang, Wish has expanded rapidly beyond its home base and currently has 100 million monthly active users, selling about 2 million products per day on its e-commerce platform, according to the company’s website.
The COVID-19 pandemic has led to a surge in online shopping as consumers stay at home to avoid contracting the novel coronavirus.
Wish also counts the likes of Peter Thiel's Founders Fund, GGV Capital and DST Global among its investors, and joins several high-profile names including home rental giant Airbnb and PayPal PYPL.O co-founder Max Levchin's lending startup Affirm, that plan to make their stock market debuts.
Goldman Sachs, J.P.Morgan, and BofA Securities are the lead underwriters for Wish’s listing.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta
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