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Shopping app Wish’s parent company ContextLogic Inc saw its share price fall more than 5% in its trading debut on Wednesday, after raising $1.1 billion in an initial public offering (IPO).
The San Francisco-based firm sold 46 million shares at the top end of its $22 to $24 target range. The stock opened at $22.75 on the Nasdaq, yielding a market value of $13.34 billion.
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The lackluster debut comes after mega-IPOs and stellar first-day pops of companies including Airbnb Inc, DoorDash Inc and SnowFlake Inc.
E-commerce firm Wish sees shares fall 5% in market debut
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Shares of e-commerce firm Wish fall in U S market debut
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Shares of e-commerce firm Wish fall in market debut
(Reuters) - Shares of ContextLogic Inc, which does business as Wish, fell more than 5% in their debut on Wednesday after the e-commerce firm raised $1.1 billion in its stock market launch.
The company s shares opened at $22.75 on the Nasdaq, below its initial public offering price of $24 apiece.
The debut gives Wish a market value of $13.34 billion. The San Francisco-based bargain shopping app sold 46 million shares at the top end of its targeted range of $22 and $24 per share.
The lackluster debut comes after mega IPOs and stellar first-day pops of companies such as Airbnb Inc, DoorDash Inc and SnowFlake Inc.
E-commerce firm Wish raises $1 1 billion in IPO
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.