Wish’s stock opens below IPO price

/ / News

Shares of ContextLogic Inc. , the parent of mobile e-commerce platform Wish, started their public life on a downbeat note, as they opened 5.2% below their initial public offering price. The IPO priced late Tuesday at $24 a share, at the top of the expected range of between $22 and $24 a share. The company raised $1.1 billion in the IPO, and the pricing implied a market capitalization of more than $14 billion. The stock’s first trade was at $22.75 at 11:22 a.m. Eastern for 6.9 million shares. It has since bounced slightly to 4.7% below the IPO price in recent trade. The company went public on a day that the Renaissance IPO ETF slipped 0.4% while the S&P 500 gained 0.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.