Is Coupang IPO the biggest in the US in 2021?

News

Ella Jones, Deputy Editor In Chief

Date: 15.03.2021

Coupang, South Korea's largest e-commerce company, raised $4.6 billion in the biggest initial public offering in the United States this year that priced above its target range.

Coupang said in a statement that it had priced 130 million shares sold in the IPO at $35 a share, higher than the offered range of $32 to $34 a share, giving the Seoul-based e-commerce company a market value of $60 billion. The company initially revealed its IPO plans in mid-February.

Coupang’s IPO is the biggest U.S. offering so far this year, surpassing the $2.15 billion raised by dating app Bumble. It also marks a jump in Coupang's valuation, which was pegged at $9 billion in a fundraising round in 2018, according to Pitchbook.

Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country.

Mega-conglomerate SoftBank's $100 billion Vision Fund owns 35.1% of Coupang.

Goldman Sachs, Allen Co, JPMorgan and Citigroup are the lead underwriters for the offering.

 

by Ella Jones | Linkedin

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