It was reported that Coupang plans to raise funds worth up to $3.6 billion (about 4 trillion won) when it is listed on the New York Stock Exchange (NYSE).
On the 1st (local time), Bloomberg News reported that Coupang measured the proposed public offering price in a stock report filed with the Securities and Exchange Commission (SEC) at the level of 27-30 dollars per share. It will be able to raise up to $3.6 billion in financing by issuing 120 million shares of Class A common stock.
Bum-seok Kim, founder of Coupang and Chairman of the Board of Directors, owns Class B stocks with differential voting rights, which is 29 times the amount of regular stocks (Class A). After listing, he will hold 76.7% of Coupang’s voting rights.
When Coupang goes public, it will become the largest IPO of a foreign company, not an American company, since the Alibaba Group in 2014. If this listing is successful, Coupang’s corporate value is expected to reach a maximum of 51 billion dollars (about 57 trillion won).
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According to the report filed by Coupang, last year’s total sales increased 91% year-on-year to $1.97 billion (about 13,250 billion won). The net loss is about $474.9 million (about 530 billion won), down 32.04% from the previous year ($698.8 million).
In the report, Bum-seok Kim, founder of Coupang and Chairman of the Board of Directors, emphasized that “Coupang will enable customers to have everything,” and that same-day delivery will be enhanced. It is trying to speed up delivery so that you can receive the items you need the fastest.
