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Wish’s stock opens below IPO price

Shares of ContextLogic Inc. WISH, -11.33%, 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 IPO, +0.01% slipped 0.4% while the S&P 500 SPX, +0.06% gained 0.2%.

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