Criteria for the offer price… Actual offering price, share price flow, 29 times voting rights are variables
Son Jung’s Vision Fund, invested $3 billion, 5.6 times’jackpot’
Coupang’s stake structure, which is about to be listed on the US stock market, has been revealed.
According to the revised listing applications submitted by Coupang to the U.S. Securities and Exchange Commission on the 1st (local time), Softbank Vision Fund had a 39.4% stake before listing.
Investors Greenox Capital (19.8%) and Maverick Holdings (7.7%) are major shareholders with more than 5% stake.
Non-executive director Neil Metha was the largest individual shareholder with 19.8%.
Neil Mehta is the founder of Greenox Capital.
Coupang founder Kim Bum-seok, chairman of the board of directors, does not have a stake in general stocks (Class A common stock), but is granted 100% of Class B common stock, which is 29 times as much as regular stocks, and has 76.7% voting rights after listing.
Class B shares held by Chairman Kim can be converted into Class A shares.
After listing, taking into account both Class A and Class B stocks, Vision Fund 33.1%, Greenox 16.6%, 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 $30 at the top of the list, Chairman Kim’s share is worth $5.22 billion.
When it comes to won, it is about 5.8 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 summing the untraded Class B stocks to the total number of shares, and it is difficult to determine the exact equity value.
The variables are how the actual public offering price will be determined, what the stock price will be after listing on the stock market, and the price of class B stocks with 29x voting rights.
Chairman Kim can convert Class B shares to Class A shares, but in this case, voting rights are reduced.
Seung-Woo Yoo, a researcher at SK Securities, said, “Because class B stocks are given 29 times the differential voting rights, it is unclear how to calculate the equity value.” He said, “I don’t do good interpretations such as’value’.”
The Japanese SoftBank Group’s Vision Fund, led by Chairman Son Jeong-eui (Son Masayoshi), has a stake of $1.694 billion.
Considering that the investment is at the level of 3 billion dollars, the valuation gain is 5.6 times.
Meanwhile, as of December 31, last year, more than 65.7 million shares were granted as stock options.
Stock options strike an average of $1.95.
Considering that Coupangi announced that it would grant approximately 2 million won worth of stocks per person in the form of contingent stock (RSU), based on $30, on-site employees who worked for more than two years from the time of stock grant would be 60 per person. It is expected to receive stock in and out of the state.
Coupang stipulated a maximum of 180 days for stock protection deposit for key management, directors, shareholders and employees of 1% or more after listing.
/yunhap news