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The Wish website on a laptop computer.
Gabby Jones / Bloomberg
The high-flying IPO market has a few more deals to launch. Four companies – Wish, Upstart, BioAtla and 908 Devices – will start trading this week.
Due to the holiday season, IPOs will pause after this week, say people familiar with the situation. There are no offers on the calendar to make their debut during Christmas week, they said. IPO activity typically resumes later in January.
Three companies – ContextLogic, which does business like Wish, Upstart and BioAtla – are scheduled to price their IPOs later Tuesday and start trading on Wednesday, the people said.
The biggest deal this week comes from Wish. At the end of Tuesday, Wish raised $ 1.1 billion after pricing its deal at the top of its expected range. The ecommerce retailer sold 46 million shares for $ 24 each, the upper end of the range of $ 22 to $ 24, a person familiar with the matter said.
The company plans to trade on the Nasdaq under the symbol WISH. Include underwriters on the deal
Goldman Sachs,
JP Morgan,
and BofA Securities.
Peter Szulczewski, a former Google manager, and Yahoo! veteran Danny Zhang founded Wish in 2010. The San Francisco start-up connects more than 100 million active users in more than 100 countries monthly with 500,000 merchants selling 150 million items, according to the deal’s prospectus. Consumers can purchase items such as clothing, electronics and shoes through the Wish mobile app. Competitors include
Amazon.com
(ticker: AMZN),
Alibaba Group Holding
(BABA), and
Shopify
(STORE).
Szulczewski will own 56% of the company after the IPO, according to the prospectus.
Upstart Holdings, a credit start-up founded by ex-Google CEO Dave Girouard, had a low price and raised $ 240 million, according to people familiar with the deal. Upstart sold 12 million shares for $ 20, the lowest of its price range of $ 20 to $ 22. It is expected to trade on the Nasdaq Wednesday under the symbol UPST.
Goldman Sachs, BofA Securities and Citigroup are the main insurers of the deal.
About 98% of Upstart’s revenue comes from fees – for using its platform, referrals, and service – that it charges its banking partners. Upstart has 10 banking partners, including Cross River Bank, Customers Bank, FinWise Bank, and First Federal Bank of Kansas City.
Girouard will own 17.7% of Upstart after the IPO.
BioAtla raised $ 189 million. The biotech increased its deal, selling 10.5 million shares for $ 18. This is up from the $ 15 9.4 million shares to $ 17 each it planned to sell. It plans to trade on the Nasdaq under the symbol BCAB. JP Morgan, Jefferies and
Credit Suisse
are insurers of the deal.
BioAtla is developing antibody-based drugs to treat solid tumors. The company has two product candidates, BA3011 and BA302, which are in phase 2 testing.
BioAtla is backed by venture capital and private equity firms.
Pfizer
Ventures, Pfizer’s VC arm (ticker: PFE), will own 7.22% of the company, while the Baker Brothers will have 4.81%, according to the deal’s prospectus.
The latest company, 908 Devices, won’t get off the ground until later this week. The company set terms on Monday for its IPO, which is scheduled to be priced Thursday and traded the next day, people said. It is offering 6.25 million shares for $ 15 to $ 17 each, according to a legal filing. 908 Devices are expected to trade on the Nasdaq under the symbol MASS. Cowen, SVB Leerink, William Blair and Stifel are insurers of the deal.
The company supplies portable and desktop mass spectrometry devices for the pharmaceutical market.
Write to Luisa Beltran at [email protected]