Material photo” alt=”Coupang. <한겨레> Material photo” />
Coupang. Material photo
Coupang, which is in the process of listing on the US New York Stock Exchange, has announced a plan to raise up to 4 trillion won ($3.6 billion) through IPO. If this plan is successful, the market capitalization will reach a maximum of about 57 trillion won (51 billion dollars). In the revised securities report submitted by Coupang to the Securities and Exchange Commission (SEC) on the 1st (local time) on the 1st (local time), Coupang calculated the proposed public offering price at $27-30 per share. It is said that it will raise up to $3.6 billion (about KRW 4 trillion) with tens of thousands of class A shares of common stock, which are subject to public offering, with 100 million new stocks + 20 million old stocks. With the initial funding, Coupang will shake off a significant portion of its accumulated deficit (about 4.5 trillion won), and will lay a foothold for aggressive investment. Based on Coupang’s highest public offering of $30, Coupang’s market capitalization is up to $51 billion (approximately 57 trillion won). After listing, it is the result of multiplying the issued stocks of 1.76 billion 4142 by 30 dollars. The US media said on the day, “If Coupang goes public as planned, it will be the fourth largest Asian company listed in the US stock market.” It is also the largest since Alibaba’s $25 billion IPO in 2014. The report on the day also revealed the status of Coupang’s major shares. Major shareholders who own 5% or more of Coupang after listing are △Softbank Vision Fund (36.8%) △Greenox Capital (18.5%) △Maverick Holdings (7.2%) △Rose Park (5.6%) . The largest individual shareholder is Neil Meta (18.5%), founder and non-executive director of Greenox Capital. Founder Kim Bum-seok, Chairman of Coupang’s Board of Directors, does not have Class A stocks subject to listing. Instead, it holds all of Class B shares with differential voting rights that are worth 29 times per share. When listed, 76.7% of the total voting rights are held, and stable management rights can be exercised. Coupang also revised the’risk factors’ previously specified in this report. Controversial “The Ministry of Employment and Labor in Korea has ruled Coupangplex and Coupangitz deliverymen as independent contractors (individual business owners), not workers.”Is deleted from the risk factor. Instead, it changed, “Because they decide on their own service delivery time, etc., they believe Coupangplex and Coupangitz deliverymen are independent contractors.” However, the company added, “If they are not legally recognized as independent contractors, the cost of solving the problem can be an important factor in management,” the company added. In addition, it has also been revealed that Coupang, a Korean subsidiary of Coupang Inc. (Coupang Inc), which is the subject of listing, can be designated as a business group subject to disclosure under Korean law. By Park Soo-ji, staff reporter