[이번주 증시인물]Kim Bum-seok, Coupang, achieved 10 years of wish to be listed on the U.S. stock market

[이데일리 이슬기 기자] “The creativity of Koreans has made the’miracle of the Han River’. I am so excited that we are part of this incredible story.”

The national flag was caught on the New York Stock Exchange (NYSE). This is because of the listing of Coupang (CPNG). Coupang founder Kim Bum-seok, chairman of the board of directors, said that Coupang’s listing on the New York Stock Exchange was “a proof of Korean success story.”

Coupang founder Kim Bum-seok (chairman of the board of directors) introduces Coupang’s business prospects in an interview with CNBC (Photo = CNBC Galmuri)

On the 11th (local time), Coupang was listed on the New York Stock Exchange. Coupang’s listing on the New York Stock Exchange, the world’s largest stock exchange, caught the Taegeukgi. Chairman Kim participated in the listing ceremony on this day and rang the opening bell to announce the opening of the stock market. Coupang’s listing was the largest foreign company IPO after listing on Alibaba in 2014.

Coupang’s offering was $35, but it ended at $49.25 on the first day. Immediately after opening, the stock price rose to $69, but gradually returned to the rise and closed at the $49 mark. As a result, the value of Chairman Kim’s stocks inflated to $8.656.2 million (about 9,833.4 billion won). According to Jaebeol.com, this is more than Samsung Electronics Vice Chairman Lee Jae-yong (as of the 12th, 8,899.9 billion won). Chung Mong-koo, the honorary chairman of Hyundai Motor Group (5,877.8 billion won), greatly surpassed it.

Chairman Kim stipulated that Coupang’s listing was part of Korea’s success story. In an interview with CNBC in the United States, he said, “It is the largest foreign company IPO since Alibaba. This is a testament to Korea’s success story.” It was one, but today it has become the world’s 10th largest economy.”

Chairman Kim has expressed his willingness to list in New York from the beginning of Coupang’s founding. At a press conference on the 1st anniversary of Coupang’s founding in August 2011, Chairman Kim said, “We will be listed on the US stock market within two years.” However, it wasn’t long since the company was established, so the market didn’t take it seriously. Since then, a deficit of several hundred billion won has accumulated every year, and in 2018, when the deficit alone exceeded 1 trillion won, it is also true that there was an eye on’Is Coupang itself possible to survive?

However, Chairman Kim’s dream became a reality after 10 years. Chairman Kim’s opinion that Coupang’s deficit is a planned deficit and that it has no choice but to invest in innovation was accepted in the market. The closing price on the first day of Coupang is a high valuation that reaches 5.4 times the share price sales ratio (PSR·market cap divided by annual sales), which is higher than Amazon (3.4 times).

Chairman Kim said, “I think (Coupang’s deficit) is an investment rather than a deficit. I will continue to invest aggressively, consistently and intentionally in the future.” He also said, “We stand here because we haven’t paid a glance at our long-term strategy of creating true value for our customers and shareholders.”

Chairman Kim plans to use the funds raised through the listing for further growth. Chairman Kim said, “This IPO will provide the resources to continue the journey unchanged. We plan to continue investing in innovations such as early morning delivery.” With Coupang’s massive financing, the Korean distribution market is also expected to face a period of upheaval. It is paying attention to whether Chairman Kim will write another success story.