Coupang soars in market debut, begins trading at $59.60 on the NYSE

Technology

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

Shares of South Korean e-commerce giant Coupang soared 70% 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 $59.60 apiece, giving Coupang a market cap of $102.2 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 fulfilment and logistics centers in over 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

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.”

Subscribe to CNBC on YouTube.

Articles You May Like

The G-7 is considering a price cap on Russian oil. But energy analysts think it’s impossible
Rescuers find body parts after deadly avalanche on Italian glacier
Tired of swiping left, singles are turning to new matchmaking services for dates
Chris Pincher seeking ‘professional medical support’ following groping allegations
Chicago shooting suspect dressed as a woman as he escaped