SEOUL: South Korean e-commerce giant Coupang has raised $4.2 billion in its initial public offering that makes it the biggest listing in the United States so far this year. The Seoul-based firm, backed by Japan’s SoftBank, has shaken up the South Korean retail sector since launching 11 years ago with a platform guaranteeing same-day delivery, which helped turn it into the tech-savvy nation’s online market leader.
In a filing to the US Securities and Exchange Commission submitted Wednesday, Coupang said it had sold 120 million shares in the IPO at $35 apiece — above its initial target range of $27-$30 — giving it a market value of $60 billion.
It will debut on the New York Stock Exchange on Thursday under the symbol CPNG. The blockbuster listing — the biggest in New York since Alibaba’s US record $25 billion offering in 2014 — will make an overnight billionaire of founder Kim Bom-suk, with the 42-year-old CEO’s 10 percent holding worth around $6 billion.