The biggest IPO in years is rolling out to the New York Stock Exchange in which Coupang, the South Korean equivalent of Amazon from the U_S_, or Alibaba in China, will Start trading under the ticker”CPNG.”
The largest IPO in years is rolling out Thursday on the New York Stock Exchange in which Coupang, the Korean equivalent of Amazon in the U.S., or Alibaba in China, will begin trading under the ticker”CPNG.”
It’s in fact the biggest initial public offering from an Asian company since Alibaba went public about seven decades back. And it is the biggest in the U.S. because Uber increased more than $8 billion in 2019.
Coupang has increased about $4.6 billion, outsizing a month’s $2 billion capital increase from the relationship app Bumble.
That big price tag reflects the popularity of how vastly the pandemic has accelerated the shift to internet shopping.
Amazon’s fourth-quarter earnings shattered records, blowing past the $100 billion level for the first time, to reach $125.56 billion. Target and Walmart also have vigorously pushed into online revenue. Target said this month that online sales soared 118% during the critical holiday quarter.
That’s helped to drive Coupang’s asking price for a share higher, from the initial range of between $27 and $30, to between $32 and $34, and now $35 each. The company also awakened the amount of stocks it’s offering because of strong demand by 10 million, for a total of 130 million stocks.
Revenue growth at Coupang has been volatile, jumping from $900 million in the first quarter of 2018, to $3.8 billion in the fourth quarter of 2020.
Coupang says it’s currently the third-largest employer in Korea, including nearly 25,000 new jobs this past year. Its intention is to create 50,000 new jobs in Korea from 2025.
Like Facebook’s Mark Zuckerberg, Coupang’s creator and CEO Bom Suk Kim will maintain all of the Corporation’s outstanding Class B shares. That’ll represent about 76.7percent of their voting power.
