Contextlogic, an e-commerce company, raised $1.1 billion on Tuesday by offering shares at a target price of $24 A share, people familiar with the matter said. Contextlogic, which operates under the name of wish, has a market capitalization of $14.1 billion. Wish plans to sell 46 million shares with a target price range of $22 to $24 A share. < / P > < p > wish’s IPO comes at a time when the new crown epidemic has led to a surge in online shopping for consumers who comply with home quarantine rules. The IPO also coincided with a full rebound in U.S. technology stocks, which led to large IPOs of companies such as airbnb, doordash and snowflake. < p > < p > the San Francisco based wish was founded in 2010 by former Google executives Peter szulczewski and Yahoo veteran Denny Zhang. It has more than 100 million active users worldwide and sells about 2 million products on its e-commerce platform every day. The company reported revenue of $1.7 billion in the first nine months of this year, up 32% from $1.3 billion last year, according to wish. However, the company’s net loss expanded to $176 million from $5m last year. Global Tech

By ibmwl