Coupang to increase the number of publicly offered shares by 10 million just before listing… Kim Bum-seok, cashed 47.6 billion won

Input 2021.03.11 16:58

Coupang increased the number of public offerings from 120 million to 130 million immediately before listing on the New York Stock Exchange (NYSE). As the public offering price is set at $35, which exceeds the company’s proposed $32~34, existing shareholders appear to have started to realize additional profits.

On the 11th, Coupang announced that it would sell an additional 10 million shares in a new document filed with the Securities and Exchange Commission (SEC). It consists of sales of old stocks (selling shares owned by existing shareholders) rather than issuing new stocks. It has not been confirmed which shareholders are selling their shares.

Coupang’s public offering stocks will increase from 120 million to 130 million. Accordingly, the amount of procurement also increased by about 300 billion won from 4.2 billion dollars (4.8 trillion won) to 4.55 billion dollars (5.5 trillion won). Since the total number of shares in circulation remains unchanged, the market capitalization is maintained at $60 billion (68 trillion won).

The reason for the increase in sales of European stocks just before the listing is because Coupang’s public offering was expected to be successful. The public offering price proposed by Coupang was raised from 27 to 30 dollars on the 1st to 32 to 34 dollars on the 9th and was finally confirmed at 35 dollars on the day.

On this day, the Wall Street Journal (WSJ) cited an official and confirmed that the demand for public offerings was ravenous at the coupang listed host company. “You can pop as dramatically)” he said.

The increase in sales of European stocks also acts as a negative factor for the share price after listing. Previously, sales of 20 million shares were △ 1.2 million shares (47.6 billion won) by Chairman Kim Bum-suk △ 17,447 million 481 shares (693.2 billion won) by U.S. investment company Black Rock I decided to participate in the order of 1.9 billion won. Chairman Kim will secure 47.6 billion won in cash through sales from Europe.

Coupang’s stock trading is expected to take place on the 11th (11:30 pm KST) on the New York Stock Exchange (NYSE).