ContextLogic (WISH) began trading on the Nasdaq on Wed 16 Dec 20

ContextLogic (WISH), the parent company of e-commerce retailer Wish, provides an e-commerce platform that connects primarily China-based merchants with value-conscious customers mostly in Europe and North America.

The San Francisco-based ContextLogic offered 46 million shares at $24, the high end of its estimated price range of $22 to $24. That gave it a fully diluted market valuation near $17 billion.

• Wish stock plunged 16.5%, closing at 20.05.
• The Wish IPO raised $1.1 billion.
• Wish had the worst first day listing of any unicorn to go public in 2020, dropping 17% in the first day of trading prior to a partial recovery to end the week at -2%.

The e-commerce company says it appeals to "value-conscious consumers." It carries products from more than 500,000 merchants, mostly from China, offering some 150 million items. Wish has more than 100 million monthly active users.

Peter Szulczewski, co-founder and CEO of Wish, joins "Squawk on the Street" 

For the nine-month period ended Sept. 30, Wish reported revenue of $1.75 billion, up 33% from the year-ago period. It reported a loss of $120 million vs. a $24 million loss a year ago.