Wish.com files for IPO

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Wish.com is preparing to launch an initial public offering (IPO) after filing a confidential registration statement with the Securities and Exchange Commission (SEC).

The discount shopping platform, which was founded by two former Google and Yahoo executives and boasts a global user base of over 100 million, was most recently valued at $11.2 billion.

READ MORE: Hands On with the Wish app

Wish has issued a draft registration statement with the SEC for a public stock offering, but its is still unclear whether it plans to pursue a traditional public offering or a direct listing, according to Reuters.

Despite being headquartered in San Francisco, Wish sells predominantly Chinese made goods, which it says are listed at between 60 and 90 per cent of their recommended retail price.

It now operated in over 100 countries and sells more than 3 million products across its global platform every day.

The platform has repeatedly come under scrutiny from consumer watchdog’s like Which? for selling “fake, illegal and dangerous goods”, that don’t comply with EU safety standards.

Wish has until now largely avoided any legal action regarding its goods as it simply served at a middleman between buyers and independent sellers, who are held liable.

However last month landmark legislation was passed that held Amazon directly liable for goods sold by third parties on its platform, meaning Wish could soon also face greater accountability for goods sold on its platform.

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