SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : Softbank Group Corp
SFTBY 28.94-1.3%Oct 21 4:00 PM EDT

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Madharry who wrote (5933)3/11/2021 9:54:14 PM
From: Glenn Petersen   of 5966
 
South Korean e-commerce giant Coupang tops $84 billion market cap after soaring in market debut

PUBLISHED THU, MAR 11 202112:30 PM EST
UPDATED THU, MAR 11 20214:08 PM EST
Jessica Bursztynsky @JBURSZ
CNBC.com

KEY POINTS

-- South Korean e-commerce company Coupang made its market debut Thursday on the New York Stock Exchange through an IPO and is now trading under the ticker symbol “CPNG.”

-- The company’s stock began trading at $63.50 apiece, giving Coupang a market cap of $102.2 billion.

-- 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
---------------------------------------

Shares of South Korean e-commerce giant Coupang surged 40% 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 $63.50 apiece. Shares closed at $49.25, giving the company a market cap of $84.47 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 fulfillment and logistics centers in more than 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.”

Story Link
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext