The South Korean e-commerce giant has raised $4.2bn in its initial public offering, making it the biggest listing in the US so far this year.
The Seoul based firm is backed by Japan’s SoftBank and since its launch 11 years ago, Coupang has shaken up the South Korean retail sector by guaranteeing same-day delivery for customers, turning the platform into the nation’s tech-savvy online market leader.
In a filing to the US Securities and Exchange Commission submitted yesterday, Coupang confirmed that it has sold 120 million shares in the IPO at $35 apiece, giving it a market value of $60bn. The valuation and IPO price have likely risen as Coupang showed a sizeable gain in market share last year, making it the only e-commerce company in South Korea that did. The e-commerce giant’s net revenue jumped 91 per cent to $11.9bn in 2020.
Coupang has more than 100 fulfilment and logistics centres in over 30 cities to ensure next day delivery for all orders placed before midnight. The company is dubbed as the Amazon of South Korea.
