E-commerce market Want is aiming to lift as a lot as $1.1 billion in its preliminary public providing, giving it a valuation of as much as $14.07 billion, the corporate revealed in a brand new submitting Monday. It was final valued by personal buyers at $11.2 billion.
Want plans to promote 46 million shares priced between $22 and $24 per share, in keeping with the submitting.
ContextLogic, Want’s dad or mum firm, plans to checklist its shares on the Nasdaq underneath the image “WISH.” The corporate filed its IPO prospectus, which confirmed average income progress and regular losses, with the SEC final month. The submitting additionally revealed Want’s heavy focus in China, which weighed on its enterprise through the coronavirus pandemic.
Want, based in 2010 by former Google engineer Peter Szulczewski, is an internet market that options quite a lot of discounted items, starting from low-cost house wares and attire to electronics and toys. The app provides a slew of merchandise for only a few {dollars} as a approach to goal low- to middle-income shoppers with extra inexpensive choices than they’ll discover on different websites, together with Amazon.
The corporate goes public at a time when e-commerce has surged amid the pandemic, with folks around the globe counting on on-line marketplaces for each important and nonessential items. In its S-1 submitting, Want mentioned it has grown its catalog to greater than 150 million gadgets and sells about 1.eight million gadgets per day.
