“For the time being dedicated to the domestic market…I think it is an investment rather than a deficit” at a meeting after listing in New York
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On the first day of listing, Coupang’s Bum-Seok Kim, who made a successful debut on the New York Stock Exchange (NYSE) with a market capitalization of KRW 100 trillion, said on the 11th (local time), “We decided that it was right to go to the world’s largest capital market.” The reason for listing was revealed.
Chairman Kim said at an online conference with Korean correspondents in New York and other US on that day, saying, “Our listing goal is to raise large-scale funds and attract investment.”
Coupang closed at $49.25, a 40.7% increase from the public offering price of $35 on the first day of listing, exceeding the market cap of 100 trillion won.
Chairman Kim said, “With the funds, we will secure conditions to compete with global competitors and create good jobs by making aggressive investments as we have invested so far.” Explained.
The company said that the capital raised by the New York Stock Exchange will first invest in strengthening infrastructure such as distribution centers across the country, and will employ an additional 50,000 people over the next five years.
Chairman Kim added, “The reason for listing on the New York Stock Exchange has a deep tradition and means entering the community of global companies,” he added. “I wanted to show that Korean unicorns are also eligible to enter such a community.”
Apart from entering the New York Stock Market, Coupang’s business model is expected to focus on the domestic market for the time being.
When asked if he would like to enter the overseas market, Chairman Kim said, “I can’t say that I don’t have such a dream in the long term.” There are so many things that I will devote to it.”
Chairman Kim cited the fact that the size of the Korean e-commerce market is over 530 trillion won and said, “The Korean market is not so small. One of the most rewarding aspects of this listing process is the size and potential of the Korean market, and innovative DNA. It was a good opportunity to inform them,” he added.
He emphasized that “Korea is the only market that has not been dominated by Amazon and Alibaba among the world’s top 10 e-commerce markets.”
When asked when to expect a turnaround in the black, he said, “We think that it is an investment rather than a deficit. We will continue to invest aggressively, continuously, and intentionally.”
Regarding the controversy over differential voting rights in the process of listing, Chairman Kim said, “The biggest reason (to list in New York) is large-scale financing. Global companies go to New York, the largest market in order to secure global competitiveness.” They replied that they were not listed on the New York Stock Exchange because of their voting rights.
“The stock market is a popular voting machine in the short term and a weighing machine in the long term. If we made decisions in terms of popularity voting, there would have been no coupang or rocket delivery today.” “We are committed to creating long-term value and will forever pay attention to short-term work.”
/ Reporter Park Min-joo [email protected]
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