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Record $19 Billion Already Raised in U.S. IPOs in December
Posted
December 15, 2020
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December 15, 2020
226
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6:40Now PlayingThe parent company of online retailer Wish will be the next technology company looking to raise more than $1 billion and take advantage of the market exuberance showcased by DoorDash Inc.’s and Airbnb Inc.’s initial public offerings.
ContextLogic Inc., which owns Wish, is wrapping up its virtual roadshow with investors and the deal is multiple-times oversubscribed, according to people familiar with the matter who asked not to be identified discussing pricing. A Wish representative didn’t respond to a request for comment.
While it’s unclear where Wish will end up pricing its shares on Tuesday, how it trades on Wednesday will determine whether it follows in the footsteps of Airbnb and DoorDash in fueling the debate over “money left on the table.” Wish’s offering is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp.
Managing the first-day “pop” responsibly and not underpricing shares is a key component in how companies are planning their own IPOs in the coming months.
DoorDash soared 86% in its trading debut last week after the company’s $3.14 billion offering. The following day, Airbnb’s shares closed their first day up 113% after its $3.83 billion IPO including so-called greenshoe shares.
Executives at both DoorDash and Airbnb acknowledged the pricing challenges last week, as retail demand coupled with scarce supply boosted shares. Analysts on Monday warned that first-day trading surges left the companies’ valuations at precarious levels, weighing on shares. Airbnb closed down 6.6% while DoorDash fell 8.6%.
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