SoftBank-Backed Coupang Prices U.S. IPO Above Target

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SoftBank-Backed Coupang Prices U.S. IPO Above Target

Bloomberg2021-03-11

(Bloomberg) --South Korean e-commerce giant Coupang Inc. priced its initial public offering above a targeted range to raise $4.2 billion based on the planned size of the share sale, according to a ...

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That range had been boosted earlier from $27 to $30, signaling strong demand from investors.\nA representative for Coupang declined to comment.\nAt $35 a share, Coupang would have a market value of about $60 billion, based on the outstanding shares listed in its prospectus. The company is selling 100 million new shares while existing investors are offloading 20 million shares. The IPO price was reported earlier by Dow Jones.\nA new filing with the U.S. Securities and Exchange Commission indicated that an additional 10 million shares might be offered by the selling stockholders.\nCoupang’s IPO is the biggest on a U.S. exchange since Uber Technologies Inc. raised $8.1 billion in 2019, according to data compiled by Bloomberg. Coupang’s offering is also the biggest by any Asia-based company in New York since Alibaba Group Holding Ltd.’s $25 billion listing in 2014, the biggest ever in the U.S.\nSoftBank’s Return\nJapanese conglomerate SoftBank Group Corp., its biggest shareholder, is poised to reap a gain of more than $16 billion from the IPO, burnishing the reputation of founder Masayoshi Son in picking successful startups even after a number of missteps.\nIn November 2018, SoftBank’s Vision Fund invested $2 billion in the company in a deal that valued Coupang at $9 billion, people familiar with the matter said at the time. That funding followed $1 billion from SoftBank itself in 2015, valuing the startup at about $5 billion.\nFounded in 2010 by Bom Kim, a Harvard University dropout, Coupang has grown into Korea’s version of Amazon.com Inc.\nThe company has aggressively expanded its delivery and logistics operations, putting 70% of the country’s population within a seven-mile radius of its distribution centers, according to its prospectus filing. Coupang has also invested in new business lines like food delivery and streaming services.\nGoldman Sachs Group Inc., Allen & Co. and JPMorgan Chase & Co. are leading the offering. Coupang shares are expected to begin trading on the New York Stock Exchange on Thursday under the symbol CPNG.\n(Updates with ranking of IPO in seventh paragraph.)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":19,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}