S Korea’s Coupang boosts IPO price, aims for $58b valuation

REUTERS/Josh Smith

South Korea’s Coupang Inc, which is backed by SoftBank Group Corp, is seeking a valuation of more than $58 billion in its U.S. stock market debut, after the e-commerce giant raised the price range for its offering on Tuesday.

The company’s stock market launch is poised to be the largest IPO in New York by a foreign company since Alibaba Group’s mega listing in 2014, and underscores unprecedented investor appetite for technology companies, which have seen sales skyrocket during the COVID-19 pandemic.

The Seoul-based e-commerce firm was founded in 2010 by Harvard graduate Bom Suk Kim. It made a splash in Korea with its “Rocket Delivery” service that promised delivery within 24 hours, shaking family-owned retail conglomerates including Shinsegae and Lotte.

Coupang, viewed as a rival to Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018. Coupang said in a regulatory filing it would price its offering between $32 and $34 per share, higher than its earlier range of $27 and $30 a share. At the top end of the new range, it would raise as much as $4.08 billion.

The company has seen revenue grow every quarter since the start of 2018, while its loss has narrowed annually, its filing showed.

Coupang shares are scheduled to start trading on the New York Stock Exchange under the symbol “CPNG” on Thursday.

Goldman Sachs, Allen & Co, J.P. Morgan, Citigroup and HSBC are the lead underwriters for the offering.

Reuters

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.