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SoftBank-Backed Coupang Gets Debut Gain in Top 2021 U S IPO
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Coupang IPO: Shares pop in $4 6 billion US IPO
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Coupang, the Amazon of South Korea, sees its shares pop in mega US IPO
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(Bloomberg) South Korean e-commerce giant Coupang Inc. and a group of existing shareholders have raised $4.6 billion in an enlarged offering, making it one of the biggest listings by an Asian company on a U.S. exchange.Coupang priced 130 million shares at $35 each on Wednesday, above a marketed range of $32 to $34 apiece, the company said in a statement.The retailer’s IPO is the biggest on a U.S. exchange since Uber Technologies Inc. raised $8.1 billion in 2019, according to data compiled by Bloomberg. Coupang’s offering is also the biggest by any Asia-based company in New York since Alibaba Group Holding Ltd.’s $25 billion listing in 2014, the biggest ever in the U.S.Coupang and its existing shareholders had planned to sell 120 million shares. The previous range had been boosted from $27 to $30 earlier, signaling strong demand from investors.At $35 a share, Coupang would have a market value of about $60 billion, based on the outstanding shares listed in its pros
Potential winner: A Coupang employee delivering fresh food in Bucheon, South Korea. Coupang and its bankers raised the price range of the offering, signalling strong demand for the shares. – Bloomberg
TOKYO: SoftBank Group Corp, the biggest shareholder in Coupang Inc, stands to reap an enormous windfall when the South Korean e-commerce leader goes public this week, giving founder Masayoshi Son further evidence his often-criticised startup bets are paying off.
The Japanese company owns about 35% of the startup and could report an unrealised gain of as much as US$16bil (RM66bil) after Coupang raised the target price range for its initial public offering (IPO).