South Korean e-commerce giant Coupang soars in market debut, begins trading at $63.50 on the NYSE

The Contemporary York Stock Change welcomes executives and company of Coupang (NYSE: CPNG), at the contemporary time, Thursday, March 11, 2021, in celebration of its Preliminary Public Offering.

NYSE

Shares of South Korean e-commerce huge Coupang soared 70% in its market debut Thursday on the Contemporary York Stock Change, making it the ideal IPO so a ways this year in america.

The corporate’s stock began procuring and selling at $63.50 apiece, giving Coupang a market cap of $108.9 billion. The corporate had priced its shares at $35 apiece, above its procedure vary of $32 to $34 every.

Primarily based in 2010 by Korean-American billionaire Bom Kim, Coupang (pronounced “coo-pong”) made a determine for itself via its assured identical-day or subsequent-day transport service. Assuredly when in contrast to Amazon or Alibaba, Coupang has extra than 100 fulfillment and logistics facilities in additional than 30 cities. The corporate, which ranked No. 2 on the 2020 CNBC Disruptor 50 listing, also employs 15,000 drivers in South Korea for its deliveries.

The corporate changed into last valued within the private market at $9 billion in a 2018 funding round, per PitchBook.

The Contemporary York Stock Change welcomes executives and company of Coupang (NYSE: CPNG), at the contemporary time, Thursday, March 11, 2021, in celebration of its Preliminary Public Offering.

NYSE

Coupang is hitting the market after the Covid-19 pandemic prompted millions of shoppers to live home, main to an e-commerce boost. Coupang nearly doubled its income to $12 billion last year, per its filing to head public. Unruffled, the company reported a rating lack of about $475 million in 2020.

Thursday’s market debut would maybe rate one other a success mission for SoftBank, whose $100 billion Imaginative and prescient Fund owns extra than 35% of Coupang. The firm has been convalescing from a series of missteps and announced last month it recorded an $8 billion income at its Imaginative and prescient Fund unit in its third quarter. Coupang also counts Sequoia Capital and BlackRock amongst its investors.

Goldman Sachs, Allen & Co and JPMorgan were amongst the lead underwriters for the offering. The stock trades beneath the ticker image “CPNG.”

Correction: This account has been updated to copy Coupang opened at $63.50 and, at that designate, has a market cap of $108.9 billion.

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