Coupang CI.
Coupang announced plans to raise up to 4 trillion won by listing on the US stock market. .
According to the revised listing application filed by Coupang to the U.S. Securities and Exchange Commission (SEC) on the 1st (local time), Coupang plans to sell 120 million shares of stock at an IPO for $27-30 per share.
Based on the highest public offering price, it is planning to raise funds of up to 3.6 billion dollars (approximately 3,9852 billion won).
Coupang is expected to expand investment in transportation and logistics with the funds it secures.
“As part of the expansion plan and to meet the expected demands of future customers, we will invest $870 million to establish seven regional full-filment centers within the next few years,” Coupang said.
Coupang also aims to hire 50,000 new employees by 2025. It is also planning to expand hiring of engineers and data scientists.
Bum-Seok Kim, Chairman of the Coupang Board of Directors.
After Coupang founder Kim Bum-seok, chairman of the board of directors, has been listed, the stake will be 10.2%.
Chairman Kim does not have a stake in general stocks (Class A common stock), but will receive 100% of Class B common stock with differential voting rights equivalent to 29 times that of general stocks, and after listing, he will have 76.7% of the voting rights.
Class B shares held by Chairman Kim can be converted into Class A shares.
After listing, considering both Class A and Class B stocks, SoftBank Vision Fund 33.1%, investor Greenox Capital 16.6%, non-executive director Neil Meta 16.6%, and Chairman Kim 10.2%.
Considering that the total number of shares of Class A and Class B stocks total is 1.76 billion, and applying the highest bid price of $30, Chairman Kim’s equity value is $5.22 billion. When it comes to won, it is about 5.88 trillion won. Even if the public offering hope is calculated at the lowest 27 dollars, it exceeds 5 trillion won.
However, this is calculated by adding up the untraded Class B stocks to the total number of shares. It is difficult to accurately estimate the equity value.
Reporter Kwon Ohyong [email protected]
