- Wish, an online marketplace known for selling cheap Chinese goods, filed to go public on Friday.
- Wish is seeking a valuation of between $25 billion and $30 billion on the public market, according to two people familiar with the matter, per the Financial Times.
- The e-commerce startup, founded in 2010, joins a host of other tech companies filing for a public listing, including Airbnb, DoorDash, and Roblox.
- The company reported $1.75 billion in revenue for the first nine months of this year, up 32% from 2019.
- Wish generated net losses of $176 million in that period, compared to $5 million in 2019.
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E-commerce startup Wish filed to go public on Friday, revealing that it made more than $1.7 billion in revenue during the first nine months of 2020.
Wish is looking for a valuation of between $25 billion and $30 billion on the public market, according to two people with knowledge of the matter, per the Financial Times.
It filed its IPO prospectus with the Securities and Exchange Commission, joining a growing list of tech companies hoping to debut in the US before the end of the year, including vacation rental site Airbnb, video game platform Roblox, and meal delivery service DoorDash.
The company, which lists goods from sellers in Asia — predominantly China — at rock-bottom prices, was founded in 2010 by its CEO Peter Szulczewski, who formerly worked at Google as an engineer.
In the first nine months of 2020, Wish reported revenues of $1.75 billion, its filing showed — up 32% from the same period in 2019. However, it made a loss overall, of $176 million, compared to $5 million in the same period last year.
The San Francisco-based platform said the company has facilitated the shipment of more than 640 million items to buyers across more than 100 countries during the 12 months ending September 30, 2020.
Wish was last valued at $11.2 billion in August 2019.
On its website, Wish says it has more than 70 million active users and more than 1 million registered merchants. Its sellers offer everything from home goods to electronics to apparel.
Since 2017, its mobile app has been the most downloaded global shopping app, according to data provider Sensor Tower.
Wish has been one of the many e-commerce platforms to benefit from the coronavirus pandemic. Quarantine measures and restriction have deterred many shoppers from going to retail stores, meaning online shopping has boomed.