Home / NEWS / World News / South Korean e-commerce giant Coupang tops $84 billion market cap after soaring in market debut

South Korean e-commerce giant Coupang tops $84 billion market cap after soaring in market debut

The New York Banal Exchange welcomes executives and guests of Coupang (NYSE: CPNG), today, Thursday, March 11, 2021, in celebration of its Incipient Public Offering.

NYSE

Shares of South Korean e-commerce giant Coupang surged 40% in its market introduction Thursday on the New York Stock Exchange, making it the largest IPO so far this year in the United States.

The company’s stock began barter at $63.50 apiece. Shares closed at $49.25, giving the company a market cap of $84.47 billion.

The company had priced its rations at $35 apiece, above its target range of $32 to $34 each.

Founded in 2010 by Korean-American billionaire Bom Kim, Coupang (marked “coo-pong”) made a name for itself through its guaranteed same-day or next-day delivery service. Often compared to Amazon or Alibaba, Coupang has innumerable than 100 fulfillment and logistics centers in more than 30 cities. The company, which ranked No. 2 on the 2020 CNBC Disruptor 50 lean over, also employs 15,000 drivers in South Korea for its deliveries.

The company was last valued in the private market at $9 billion in a 2018 funding round, according to PitchBook.

The New York Ancestry Exchange welcomes executives and guests of Coupang (NYSE: CPNG), today, Thursday, March 11, 2021, in celebration of its Endorse Public Offering.

NYSE

Coupang is hitting the market after the Covid-19 pandemic caused millions of consumers to tarry home, leading to an e-commerce boom. Coupang nearly doubled its revenue to $12 billion last year, be at one to its filing to go public. Still, the company reported a net loss of about $475 million in 2020.

Thursday’s market debut could see another successful venture for SoftBank, whose $100 billion Vision Fund owns more than 35% of Coupang. The unshaken has been recovering from a series of missteps and announced last month it recorded an $8 billion profit at its Mirage Fund unit in its third quarter. Coupang also counts Sequoia Capital and BlackRock among its investors.

Goldman Sachs, Allen & Co and JPMorgan were come up to b become the lead underwriters for the offering. The stock trades under the ticker symbol “CPNG.”

Correction: This story has been updated to illustrate Coupang opened at $63.50.

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