US-based ContextLogic’s Wish, an online retailer, has raised $1.1bn in its initial public offering (IPO).

During the IPO, Wish sold 46 million shares at a price range of $24 per share.

The firm is valued at approximately $17bn in the listing on a fully diluted basis.

Goldman Sachs, J.P Morgan, BofA Securities, Citi, Deutsche Bank, UBS Investment Bank, RBC Capital Markets and Credit Suisse served as leading managers on the deal.

Founded by Peter Szulczewski and Danny Zhang, Wish has recorded more than 100 million monthly active users across the globe.

As per information posted on its website, the retailer sells approximately two million products on a daily basis on its e-commerce platform.

The retailer’s revenue increased by 32% to $1.7bn for nine months that ended in September, compared to $1.3bn prior year.

However, its net losses increased to $176m compared with $5m the previous year.

Wish’s main investors include Yuri Milner’s DST Global, Peter Thiel’s Founders Fund, Formation8 Partners, GGV Capital, and private equity firm General Atlantic.

ContextLogic also owns online marketplaces, such as Geek, Mama, Home and Cute.

Last month, Russia-based online retailer Ozon Holdings revealed a plan to raise up to $825m through an initial public offering (IPO) in the US to expand in the e-commerce space in the wake of the Covid-19 pandemic.