- Wish has filed to raise around $1 billion in a U.S. IPO.
- The firm provides a mobile-first e-commerce platform for merchants in China and elsewhere.
- WISH has grown remarkably but the IPO valuation appears priced for perfection, so I’ll watchlist the stock for future review.
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Quick Take
Wish (ContextLogic) (WISH) has filed to raise approximately $1 billion in an IPO of its Class A common stock, according to an S-1 registration statement.
The firm has developed a mobile-first ecommerce platform for consumers and merchants in China, North America and in other regions.
WISH has produced impressive revenue growth and has a strong industry outlook in its favor.
However, the IPO appears extremely expensive, so I’ll watch the IPO from the sidelines.
Company & Technology
San Francisco, California-based Wish was founded to empower merchants to effectively engage with prospective customers via the firm’s mobile ecommerce platform.
Management is headed by founder, Chairman and CEO Peter Szulczewski, who was previously in various roles at Google
The company’s primary offerings include:
- Sell on Wish
- Wish Local
- Wish App
Wish has received at least $1.5 billion from investors including DST Global, The Founders Fund, Formation8 Partners, GGV Capital and Republic Technologies.
Customer/User Acquisition
Wish acquires users through major mobile app downloads and online marketing.
The firm has over 100 million monthly active users [MAUs] in over 100 countries with more than 500,000 merchants selling 150 million SKUs.
Sales and Marketing expenses as a percentage of total revenue have been dropping as revenues have increased as revenues have increased, as the figures below indicate:
