The New York Stock Exchange welcomes Coupang executives and guests (NYSE: CPNG) today, Thursday, March 11, 2021, in celebration of its initial public offering.
NYSE
Shares of South Korean e-commerce giant Coupang rose 70 percent when it debuted on Thursday on the New York Stock Exchange, making it the largest public offering so far this year in the United States.
The company’s shares began trading at $ 63.50 a piece, giving Coupang a market cap of $ 108.9 billion. The company priced its shares at $ 35 apiece, over the target range of $ 32-34 each.
Founded in 2010 by Korean-American billionaire Bom Kim, Coupang (pronounced “coo-pong”) made its name through the guaranteed delivery service on the same day or the next day. Often compared to Amazon or Alibaba, Coupang has over 100 fulfillment and logistics centers in over 30 cities. The company, which ranked 2nd on the 2020 CNBC Disruptor 50 list, also has 15,000 drivers in South Korea for its deliveries.
The company was last valued on the private market at $ 9 billion in a round of financing in 2018, according to PitchBook.
The New York Stock Exchange welcomes executives and guests Coupang (NYSE: CPNG), today, Thursday, March 11, 2021, in celebration of its initial public offering.
NYSE
Coupang enters the market after the Covid-19 pandemic caused millions of consumers to stay at home, leading to an e-commerce boom. Coupang nearly doubled its revenue to $ 12 billion last year, according to its filing to go public. However, the company reported a net loss of about $ 475 million in 2020.
Thursday’s market launch could mark another successful deal for SoftBank, whose $ 100 billion vision fund owns more than 35% of Coupang. The company recovered from a series of mistakes and announced last month that it had made a profit of $ 8 billion at its Vision Fund unit in the third quarter. Coupang also counts Sequoia Capital and BlackRock among its investors.
Goldman Sachs, Allen & Co and JPMorgan were among the main subscribers to the offer. The shares are traded under the symbol “CPNG”.
Correction: This story has been updated to reflect the open Coupang at $ 63.50 and, at that price, has a market cap of $ 108.9 billion.
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