South Korean E-Commerce Company Coupang Files IPO

by Anusuya Lahiri, Benzinga Staff Writer

February 12, 2021 2:03 PM | 1 min read |

South Korean e-commerce company Coupang CPNG, backed by SoftBank Group Corp SFTBF, filed for an initial public offering.
The number of shares and the price range for the IPO are yet to been determined.
It has applied for listing on the NYSE under the ticker symbol "CPNG."
Goldman Sachs & Co. LLC, Allen & Company LLC, J.P. Morgan, BofA Securities and Citigroup are the lead book-running managers for the IPO. HSBC, Deutsche Bank Securities, UBS Investment Bank, Mizuho Securities, and CLSA are the bookrunners.
Coupang’s revenue rose 91% to $11.97 billion year-on-year, and net loss fell 32% to $474.9 million.
SoftBank made a $1-billion investment in Coupang in 2015. SoftBank’s Vision Fund invested an additional $2 billion in 2018. Coupang was valued at $9 billion based on the last round of funding CNBC reports.

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