Wish falls 16% in IPO debut after raising price for its shares [San Francisco Chronicle]
Dec. 17 Shares of the company behind Wish, an e-commerce app known for selling inexpensive goods from China, fell 16% on its first day of trading.
ContextLogic, which trades as WISH, saw its shares begin trading at $22.75 on the Nasdaq on Wednesday below the price of $24 set on Tuesday. The stock closed at $20.05. The poor performance threatened to slow down the roaring season for initial public offerings that saw Airbnb and DoorDash soar in their debuts on the stock exchange.
The company, which is more commonly referred to by the name of its app, raised $1.1 billion by selling 46 million shares. The debut leaves Wish worth billions less than the valuation it sought.
Wish falls 16% in IPO debut after raising price for its shares
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PARIS, FRANCE - APRIL 05: In this photo iIllustration, the logo of the online e-commerce company Wish is displayed on the screen of an iPhone in front of a computer screen showing the Wish website home page on April 05, 2019 in Paris, France. Wish is founChesnot / Getty Images 2019
Shares of the company behind Wish, an e-commerce app known for selling inexpensive goods from China, fell 16% on its first day of trading.
ContextLogic, which trades as WISH, saw its shares begin trading at $22.75 on the Nasdaq on Wednesday below the price of $24 set on Tuesday. The stock closed at $20.05. The poor performance threatened to slow down the roaring season for initial public offerings that saw Airbnb and DoorDash soar in their debuts on the stock exchange.