The New York Stock Exchange welcomes executives and guests of Coupang (NYSE: CPNG) today, Thursday, March 11, 2021, in celebration of the first public offering.
NYSE
Shares of South Korean e-commerce giant Coupang rose 70% on the New York Stock Exchange on Thursday, making it the largest stock exchange to date in the United States so far this year.
The company’s share traded at $ 63.50 a share, giving Coupang a market capitalization of $ 108.9 billion. The company priced its shares at $ 35 apiece, above its target range of $ 32 to $ 34 each.
Coupang, founded in 2010 by Korean-American billionaire Bom Kim, made a name for itself through its guaranteed same-day or next-day delivery service. Compared to Amazon or Alibaba, Coupang has more than 100 fulfillment and logistics centers in more than 30 cities. The company, which was number 2 on the CNBC Disruptor 50 list in 2020, also employs 15,000 executives in South Korea for its deliveries.
According to PitchBook, the company was last valued at $ 9 billion in the private market in a 2018 round of financing.
The New York Stock Exchange welcomes executives and guests of Coupang (NYSE: CPNG) today, Thursday, March 11, 2021, in celebration of the first public offering.
NYSE
Coupang is reaching the market after the Covid-19 pandemic forced millions of consumers to stay at home, leading to a boom in e-commerce. Coupang nearly doubled its revenue last year to $ 12 billion, according to its submission. Yet the company reported a net loss of about $ 475 million in 2020.
Thursday’s market debut could be another successful venture for SoftBank, of which the $ 100 billion Vision Fund owns more than 35% of Coupang. The firm has recovered from a series of bugs and announced last month that it recorded a $ 8 billion profit in its Vision Fund unit in its third quarter. Coupang also counts Sequoia Capital and BlackRock among its investors.
Goldman Sachs, Allen & Co and JPMorgan were among the leading underwriters for the offer. The stock trades under the symbol “CPNG.”
Correction: This story has been updated to reflect that Coupang opened at $ 63.50 and has a market capitalization of $ 108.9 billion at that price.
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