Coupang entered the New York Stock Exchange (NYSE) on the 11th with a public offering of $35. This is higher than the original price suggested by Coupang ($32~34). Based on the public offering price, it was recognized for its corporate value of 63 billion dollars (approximately 72 trillion won). Samsung Electronics (about 489 trillion won, based on market capitalization) SK Hynix (about 99 trillion won) is the only Korean company whose corporate value exceeds Coupang.
Coupang announced that it would issue 130 million shares (Class A common stock) of 130 million shares, which is 10 million more than the plan (120 million shares), by revealing the public offering price in the United States. Through this listing, Coupang will be able to raise $4.55 billion (approximately 5.17 trillion won) of new funding.
Coupang started trading on the day at NYSE with the ticker code’CPNG’. Coupang’s management, including founder Kim Beom-seok, chairman of the board of directors, will disclose investment plans in the local market after the market closes on the first day of listing. In the application for listing, Coupang said, “We will invest 870 million dollars (about 9874 billion won) to establish full-filment centers in 7 regions within a few years.”
The U.S. investment industry is known to appreciate Coupang’s benchmarking Amazon, but for overcoming the limitations of Amazon-style logistics. Coupang operates a logistics facility of 2.3 million square meters, and has implemented the world’s only national one-day delivery network. Among global companies, Amazon and Okado (UK) are the only global companies that have developed their own logistics hardware and software. “Coupang is not just a distribution company, but a global big data company,” said Cha Sang-gyun, president of Seoul National University’s Graduate School of Data Science.
Reporter Park Donghui [email protected]
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