South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
12th March 2021 | Hong Kong
South Korea’s largest E-commerce giant Coupang has IPO on NYSE (New York Stock Exchange) on the 11th of March 2021, with its share price rising 41% on the first day of trading with a market value of $84 billion. Coupang IPO price is $35, with the share price opening at $63.50 before closing at $49.25. (IPO – Initial Public Offering)
” Coupang IPO on NYSE, Rises 41% on Day 1 “
Coupang, South Korea’s version of Amazon.com
Coupang was founded in 2010 by Korean-American and Harvard drop-out Kim Bom Suk. Coupang is South Korea’s version of Amazon.com and South Korea’s largest E-commerce company. The company has 14.8 million active customers (Dec 2020), 50,000 employees and more than 100 fulfilment and logistic centres in over 30 cities.
In 2020, Coupang recorded revenue of $12 billion and net loss of $475 million.
Coupang Underwriters & Investors
The underwriters for Coupang IPO are Goldman Sachs, Allen & Co. and JP Morgan. The IPO is priced at $35 with 130 million shares sold, raising $4.55 billion and valuing the company at $60 billion. (Coupang is the largest Asian IPO on a United States exchange (Eg. NYSE, NASDAQ) since Alibaba Group IPO in 2014, raising $25 billion)
The top shareholders of Coupang after the IPO include Softbank, Greenoaks Capital, Maverick Holdings and Rose Park Advisors. Founder Kim Bom Suk owns 10.2% of company but has 76.7% of voting rights.
With the IPO, founder Kim Bom Suk becomes a billionaire with around $9 billion of personal fortune.
Top investors:
- Softbank: About 33%
- Greenoaks Capital: 16.6%
- Maverick Holdings 6.4%
- Rose Park Advisors 5.1%
Related:
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Video: CNBC – How this Harvard dropout founded South Korea’s most valuable start-up
Video: Coupang – Advertisement
Video: CNBC – Coupang CEO Bom Kim on the company’s monster IPO
Video: Bloomberg – Coupang CEO on NYSE Debut, Competition, Expansion
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