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Summary
- Wish’s parent company ContextLogic Inc announced the launch of its initial public offering (IPO) on Monday, December 7.
- Canadian biotechnology firm AbCellera Biologics Inc is also set to go public, offering a total of 23 million shares at its upcoming IPO.
- San Francisco-based Wish plans to get its shares listed on the stock exchange platform of Nasdaq under the ticker of ‘WISH’.
- AbCellera Biologics revealed in its recent SEC filing that it expects to raise about US$ 391 million in the upcoming IPO.
Set to join the bandwagon of newly listed companies are American online e-commerce platform Wish and Canada-based biotechnology firm AbCellera Biologics Inc.
Wish announced the launch of its initial public offering (IPO) on Monday, December 7, putting up 46 million stocks at an expected offer price of US$ 22 to US$ 24 per share.
In an SEC report filed on Monday, AbCellera Biologics Inc said that it is offering a total of 23 million shares at its IPO. The company priced its shares in the range of US$ 14 to US$ 17 apiece.
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Wish IPO
Wish’s parent company ContextLogic Inc said in its recent filing that it is expecting to raise about US$ 1.1 billion in the upcoming IPO. This gives the company a valuation of about US$ 14.07 billion, as against that of US$ 11.2 billion that private investors had initially projected.
The San Francisco-based company plans to get its shares listed on the stock exchange platform of Nasdaq under the ticker of ‘WISH’.
ContextLogic filed its IPO prospectus with the SEC late in November, where it posted a revenue of US$ 1.74 billion and a gross profit of US$ 1.14 billion for the first nine months of 2020 .
Wish was founded by ex-Google engineer Peter Szulczewski in 2010. It offers an e-commerce platform for an assortment of affordable products, ranging from clothing to electronics, targeting low- to mid-income consumers. In its recent SEC filing, Wish said that while its inventory has grown to over 150 million items, it sells around 1.8 million product each day.
AbCellera Biologics IPO
AbCellera Biologics Inc revealed in its recent SEC filing that it expects to raise about US$ 391 million in the upcoming IPO. It plans to get its share listed on the Nasdaq platform under the symbol of ‘ABCL’.
The company has listed investment banking firms Credit Suisse, Stifel Financial Corp, BMO Capital Market, etc. as its lead underwriters for the IPO. It has also named Bill & Melinda Gates Foundation and OrbiMed Advisors LLC as its investors.
Earlier in September, media portals reported that AbCellera had appointed investment banks for an IPO in the US and was aiming to raise about US$ 200 million to US$ 300 million in proceeds.
The Vancouver-based company reported a total revenue of US$ 25.2 million and a net income of US$ 1.9 million for the nine months ending 30 September 2020.
AbCellera Biologics Inc recently announced that it is partnering with American pharmaceutical company Eli Lilly for the production of its COVID-19 antibody drug candidate.
