Americas, Asia - Pacific
South Korea firm raises $4.6B in biggest US IPO of year
Coupang’s $35 initial public offering for 130M shares largest on US exchange since Uber in 2019
Ovunc Kutlu |
11.03.2021 - Update : 11.03.2021
ANKARA
South Korea's largest e-commerce company that is backed by SoftBank has raised $4.6 billion in the biggest initial public offering (IPO) in the US in 2021.
Coupang said it priced 130 million shares at $35 per share on Wednesday, higher than the offered range of $32 to $34, which gave the company a market capitalization of around $60 billion.
While the IPO is the biggest in the US this year, it is also the largest on a US exchange since Uber raised $8.1 billion in 2019.
Coupang is backed by Japanese multinational conglomerate SoftBank that owns stakes in technology, energy and financial firms. Coupang received a $2 billion investment from SoftBank in 2018.
