Coupang LLC, South Korea's largest e-commerce company, raised $4.6 billion in the biggest share offering in the United States this year after selling stocks in IPO above its deal target range, the company said on Thursday.
SoftBank Group Corp-backed Coupang was valued at around $109 billion in its market debut on Thursday after South Korea's largest e-commerce company raised around $4.6 billion in the biggest U.S. initial public offering this year.
The biggest IPO in years is rolling out on the New York Stock Exchange where Coupang, the South Korean equivalent of Amazon in the U S , or Alibaba in China, will begin trading under the ticker “CPNG.”
SoftBank-backed Coupang set to soar in market debut
By Chibuike Oguh, Joshua Franklin and Joyce Lee
Reuters
(Reuters) - Shares of Coupang, South Korea s largest e-commerce company, were set to open up to 43% above their offer price on Thursday, after the company raised $4.6 billion in the biggest U.S. initial public offering this year.
At 10:13 a.m. ET, the stock was set to open at a range between $45 and $50, giving the company a valuation of around $86 billion at the top end of the range.
Coupang said in a statement that it had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving Seoul-headquartered e-commerce giant, which is backed by Japan s SoftBank Group Corp, a market value of $60 billion.