South Korean e-commerce giant Coupang tops $84 billion market cap after soaring in market debut
PUBLISHED THU, MAR 11 202112:30 PM EST
UPDATED THU, MAR 11 20214:08 PM EST
Jessica Bursztynsky @JBURSZ
CNBC.com
KEY POINTS
-- South Korean e-commerce company Coupang made its market debut Thursday on the New York Stock Exchange through an IPO and is now trading under the ticker symbol “CPNG.”
-- The company’s stock began trading at $63.50 apiece, giving Coupang a market cap of $102.2 billion.
-- The company was last valued in the private market at $9 billion in a 2018 funding round, according to PitchBook.
The New York Stock Exchange welcomes executives and guests of Coupang (NYSE: CPNG), today, Thursday, March 11, 2021, in celebration of its Initial Public Offering.
NYSE
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Shares of South Korean e-commerce giant Coupang surged 40% in its market debut 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 trading at $63.50 apiece. Shares closed at $49.25, giving the company a market cap of $84.47 billion.
The company had priced its shares at $35 apiece, above its target range of $32 to $34 each.
Founded in 2010 by Korean-American billionaire Bom Kim, Coupang (pronounced “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 more than 100 fulfillment and logistics centers in more than 30 cities. The company, which ranked No. 2 on the 2020 CNBC Disruptor 50 list, 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 Stock Exchange welcomes executives and guests of Coupang (NYSE: CPNG), today, Thursday, March 11, 2021, in celebration of its Initial Public Offering.
NYSE
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Coupang is hitting the market after the Covid-19 pandemic caused millions of consumers to remain home, leading to an e-commerce boom. Coupang nearly doubled its revenue to $12 billion last year, according to its filing to go public. Still, the company reported a net loss of about $475 million in 2020.
Thursday’s market debut could mark another successful venture for SoftBank, whose $100 billion Vision Fund owns more than 35% of Coupang. The firm has been recovering from a series of missteps and announced last month it recorded an $8 billion profit at 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 lead underwriters for the offering. The stock trades under the ticker symbol “CPNG.”
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