Input 2021.03.12 07:42 | Revision 2021.03.12 08:26
Coupang’s IPO target stock is 130 million shares, which are traded on NYSE under the ticker code’CPNG’.
The market cap of Coupang was estimated at about $8.85 billion (100 trillion won). Among Korean companies, SK Hynix (99.73 trillion won) was beaten, followed by Samsung Electronics (489 trillion 522.2 billion won) and jumped to the second-largest market cap.
In addition, Coupang became the largest public offering (IPO) company in the United States this year due to a surge in stock prices on that day. Among Asian listed companies, it became the largest public offering since it was listed on Alibaba in 2014.
Coupang’s offering price was $35, but as soon as the transaction began at 12:28 pm on the same day, it surged 80%, recording an initial price of $63.50. However, after that, profit-taking sales poured and fell, closing at $49.25 at 4 o’clock on the same day.
US local media have cited Coupang’s’rocket delivery’, which is similar to Amazon’s Prime service, delivered within 24 hours as a factor for Coupang’s success.
On this day, Coupang executives, including Coupang Chairman Kim Bum-seok, Kang Seung Kang, and Coupang CEO Park Dae-joon, attended a battering event to commemorate the listing held at the New York Exchange. Everyone was wearing masks in the aftermath of the coronavirus infection.
On the New York Exchange, a large banner commemorating Coupang’s listing was hung along with the Taegeukgi.
At the same time, more than 2,000 employees and officials from Coupang watched the event being broadcast live online. Earlier, it was reported that Kang sent an invitation with a link to the live online webcast and a password to the employees.
In an interview with CNBC, a US economic broadcaster before the listing ceremony, Chairman Kim said, “Korea in the 1950s was the world’s least lived country, with a per capita GDP of only $79, but now it is one of the 10 best-lived countries. After introducing Korea as a country that has accomplished the’miracle of the Han River’, he said, “I am happy to participate in the miracle of the Han River.”