Coupang succeeded in closing the trade at a 40.71% increase from the public offering price on the 11th (local time), the first day of listing on the New York Stock Exchange (NYSE). Coupang Chairman Kim Bum-seok (third from left) raises his hand at the listing ceremony held at NYSE to celebrate. News 1
Coupang successfully debuted on the New York Stock Exchange on the 11th (local time). Coupang, which was listed on the New York Stock Exchange (NYSE) that day, closed at $49.25, up 40.71% from the public offering price of $35 per share. The market capitalization of Coupang reached 88.1 billion dollars (about 99.7 trillion won) at once. Since Uber in 2019, it has become the largest in the New York Stock Exchange, and foreign companies have become the largest IPO since Alibaba in 2014. Even compared to the market cap of domestic listed companies, Coupang competed for second and third place with SK Hynix after Samsung Electronics.
Coupang’s’listing jackpot’ is due to its investment sentiment driven by innovation, including’rocket delivery’, close to 15 million customers, and growth in the e-commerce market. The number of Coupang users increased by 50% in two years from 9.16 million in 2018 to 14.85 million at the end of last year. Through this IPO, Coupang will be able to take off the 4 trillion won of accumulated deficit at once by transfusion of $4.55 billion (5,140 billion won). Bum-seok Kim, Chairman of Coupang’s Board of Directors, said, “We will use the large-scale funds raised to build the logistics infrastructure.”
Coupang’s success will also serve as an opportunity to revaluate undervalued domestic stock markets and listed companies. In fact, Naver’s share price rose on the 12th, and the target price was raised by about 10%. The’halo effect’ of Chairman Son Jeong-eui’s investment in the Softbank Vision Fund also contributed to Coupang’s success. However, Korean companies also confirmed the possibility of attracting any number of global investments if they have the universality and growth potential of innovation.
The problem is the proof of long-term corporate value, such as the vision to overcome fierce competition in the e-commerce market and the realization of social responsibility suitable for the size of the market capitalization. Eight courier workers responsible for delivery in Coupang have died in the past year. If even a portion of the investment secured by the stock offering is used to expand the delivery manpower, overwork can be reduced. The problem of industrial accidents is a matter of desperate need for reflection and alternatives for Coupang, a super unicorn company, to leap forward.
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