GS220617P00205000
| Previous close | 30.40 |
| Open | 31.15 |
| Bid | 23.90 |
| Ask | 26.50 |
| Strike | N/A |
| Expiry date | 2022-06-17 |
| Day's range | 30.40 - 31.15 |
| Contract range | N/A |
| Volume | 2 |
| Open interest | 2 |
- Bloomberg
Online Marketplace Wish Files for Initial Public Offering
(Bloomberg) -- Online retailer Wish has filed for a U.S. initial public offering, joining the rush of consumer technology companies seeking to go public before the end of the year.Wish’s parent company, San Francisco-based ContextLogic Inc., plans to list on the Nasdaq Global Select Market under the symbol WISH, according to a filing Friday with the U.S. Securities and Exchange Commission. It listed a potential offering size of $1 billion, a placeholder that will likely change.Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. are leading the IPO, according to the filing.While Wish filed confidential paperwork for its IPO in August, this is the first chance potential investors have had to scrutinize its financial performance.Wish’s losses, as well as its sales, have increased during the coronavirus pandemic, according to the filing. It had a net loss of $176 million on revenue of $1.7 billion during the first nine months of this year, compared with a net loss of $5 million on revenue of $1.3 billion during the same period in 2019.The company joins a glut of consumer-facing tech companies that are aiming to hold their IPOs before the end of 2020. Home-rental giant Airbnb Inc., food delivery company DoorDash Inc., online loan provider Affirm Inc. and video-game platform Roblox Corp. have all filed this month to go public.Founded in 2010 by Chief Executive Officer Peter Szulczewski and Danny Zhang, who met at the University of Waterloo in Ontario, Canada, Wish is an online marketplace that connects sellers to potential buyers of everything from clothing to electronic goods and kitchenware. ContextLogic owns other online marketplaces, including Geek, Mama, Home and Cute, according to the Wish website.‘Value Conscious’It differentiates itself by focusing on “value conscious consumers” who it says have been underserved by traditional e-commerce players, according to its filing.Wish said that most of its vendors are in China, although it’s trying to expand its roster of local suppliers. It mentions “economic tension between the U.S. and China” as a risk that could impact its business.The company is backed by venture capital firms DST Global, Founders Fund, Formation8 Partners and GGV Capital.Like many technology companies looking to go public, Wish has a dual-class share structure giving more voting power to its founders. Its Class B shares will carry 20 votes each, compared with one each for the Class A shares sold in the IPO.Citigroup Inc., Deutsche Bank AG, UBS Group AG, RBC Capital Markets and Credit Suisse Group AG are also working on the IPO.(Updates with details from filing starting in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
Roblox Files for IPO as Pandemic Drives Video Game Growth
(Bloomberg) -- Online video-game company Roblox Corp. filed for an initial public offering, aiming to capitalize on a pandemic-fueled sales surge and the growing popularity of its platform.The size of the offering was listed at $1 billion in a U.S. Securities and Exchange Commission filing Thursday, though that’s a placeholder that will likely change. The company will disclose plans for the size and price range for the share sale in a later filing.Roblox hosts millions of games that are built by its users, who then get a share of any related revenue. It says that two-thirds of all U.S. kids 9 to 12 years old use the platform.The company had 31 million daily active users during the first nine months of the year, up 82% from the same period in 2019, according to the filing. The amount of time those users spent engaged on the platform more than doubled from last year to 22 billion hours, the company said.Usage of most video games has exploded with the coronavirus pandemic keeping millions -- including school-age children -- at home with time on their hands. Global game revenue is expected to grow almost 20% this year to $175 billion, according to researcher Newzoo.Parties, PhysicsRoblox has been expanding its focus to become a social platform, where users can come not just for gameplay but also to attend virtual birthday parties and concerts with friends. Amid school lockdowns, Roblox also has been increasingly used to teach everything from coding to physics.The company, based in San Mateo, California, was valued at $4 billion in a $150 million funding round in February that was led by venture capital firm Andreessen Horowitz.For the nine months ended Sept. 30, Roblox lost $203 million on revenue of $589 million, compared with a loss of $46 million on revenue of $350 million for the same period last year, according to the filing.Founded in 2004, Roblox added media executive Andrea Wong to its board last month. She was most recently the president of international at Sony Corp. The company’s investors include Altos Ventures, First Round Capital, Index Ventures, Meritech Capital Partners and Tiger Global.IPO RecordThe listing by Roblox will push IPOs even further past previous records. So far this year, an all-time high of more than $144 billion has been raised on U.S. exchanges, according to data compiled by Bloomberg. Airbnb Inc., DoorDash Inc. and Affirm Inc. filed this month to go public and are expected to add billions of dollars to that total.Roblox’s offering is being led by Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. The company is seeking to list its shares on the New York Stock Exchange under the symbol RBLX.(Updates with gaming industry revenue increase in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
