23.9 C

Kupang, South Korea’s Amazon, is making its NYSE debut

The New York Mercantile Exchange on Thursday is the biggest IPO in recent years, where in the US Amazon South Korean equivalent Coupang or Alibaba in China Coupang will start selling under the “CPNG” type.

This is actually the largest initial offer from an Asian company since Alibaba came out to the public seven years ago. And this is the largest in the United States since Uber raised more than $ 8 billion in 2019.

Coupang raised about $ 4.6 billion, surpassing last month’s $ 2 billion capital gain from Bamble dating app.

According to regulatory documents, the price of Coupang was 130 million shares, each worth $ 35, the company estimated at about $ 60 billion.

This high price reflects the recognition of how much the epidemic has accelerated the transition to online shopping.

Amazon’s fourth-quarter earnings broke records, surpassing $ 100 billion for the first time to $ 125.56 billion. Target և Walmart has also aggressively driven online sales. Target said this month that online sales rose 118% in the critical quarter of the holiday.

This has helped raise the required share price of Coupang from $ 27 to $ 30 to $ 32 to $ 34 և now $ 35 each. The company also increased the number of shares it offered due to high demand for 10 million, for a total of 130 million shares.

Revenue growth in the Coupang was explosive, jumping from $ 900 million in the first quarter of 2018 to $ 3.8 billion in the fourth quarter of 2020.

Kupang says it is already the third largest employer in Korea, adding nearly 25,000 new jobs last year. It aims to create 50,000 new jobs in Korea by 2025.

Like Facebook’s Mark Uck Uckberg, Coupang co-founder and CEO Bom Suk Kim will take over all of the company’s Class B outstanding shares. It will represent about 76.7% of the voting force.


Please enter your comment!
Please enter your name here