[World Now] Coupang ‘5 trillion won’ in New York… Market Curly “Me too”

Coupang between New York Stock Markets on the Korean flag, closes 41% higher than the offering price on the first day

On the 11th local time, a banner and a national flag hung on the front of the New York Stock Exchange (NYSE) building to celebrate the listing of Coupang.

Coupang shares closed at $49.52, an increase of 41.49% and $14.52 from the offering price of $35 on the day.

The initial starting price of Coupang shares on the same day was $63.5, an increase of 81.4% from the offering price, but after that, the increase decreased and fell below the $50 mark at the last minute.

Coupang’s market cap once threatened to reach a high of 100 billion dollars, with a market cap of $9.97 billion and KRW 111 trillion.

According to Yahoo Finance, Coupang’s market cap stood at $8.85 billion, based on the closing price, of about KRW 10 trillion.

Coupang raises KRW 5.2 trillion at once… Best performing public offerings on the New York Stock Market this year

CNBC of the United States said that Coupang has raised about 5.5 trillion won (US$4.6 billion) through the public offering. This is the highest performance among companies that went public on the New York Stock Exchange this year.

Reuters introduced Coupang as Korea’s largest e-commerce company, founded by Korean-American Kim Bum-seok in 2010, and stood out with same-day delivery and next-day delivery.

Bum-seok Kim, Chairman of the Coupang Board of Directors, attended an event designed to celebrate the listing of Coupang and rang the opening bell to announce the opening.

Coupang customers, delivery staff, and open market sellers also participated in the opening bell event through an online screen, the company said.

Bum-Seok Kim “Coupang became part of the’miracle of the Han River'”

In an interview with CNBC, Chairman Kim Bum-seok said, “Koreans’ creativity has created a’miracle of the Han River.’ We are so excited to be a small part of this incredible story.”

Chairman Kim added, “It is said to be the public offering of the largest foreign company since Alibaba, and this is evidence of Korea’s success story.”

When asked where to use the raised capital, he said, “I will continue to invest in innovations such as early morning delivery,” and replied, “I will continue to invest in Korea’s local economy to create good jobs and continue to invest in technology.”

“It was not listed overseas because of the differential voting rights… for the time being, we will focus on domestic demand.”

Chairman Kim, who also held an online meeting with Korean correspondents in the US, asked about overseas expansion, “I have a desire to export K-Commerce, but for the time being, there are so many things that I have to do and prepare for the domestic market and our customers. I will do it.”

Chairman Kim emphasized that “Korea is the only market that has not been dominated by Amazon and Alibaba among the world’s top 10 internet logistics 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 the differential voting rights arising during the listing process, Chairman Kim replied, “The biggest reason for listing in New York is large-scale financing,” and replied that it was not listed on the New York Stock Exchange because of differential voting rights.

The Wall Street Journal, “Marketculley is also considering listing on the New York Stock Exchange this year.”

The Wall Street Journal reported that Market Curly, like rival Coupang, is considering listing on the New York Stock Exchange this year.

According to the newspaper, Seul-ah Kim, CEO of Market Curly, said in an interview that he is discussing plans for listing within the year with financiers.

CEO Kim said, “I’m enjoying all of the products selected and provided by Market Curly,” and “I plan to continue focusing on the food sector rather than expanding the business to other product areas.”

The journal cited internal data from Market Curly and said that the reuse rate of Market Curly users was 60%, much higher than the industry average of 29%.

The journal said that the world’s fifth-largest online shopping market in Korea is expected to grow 11% from last year to $116 billion this year, citing stable delivery through its own logistics system as the strength of the Korean online market.

Amazon, an e-commerce company in the United States, is expanding its internal logistics system, but it still relies on outside, such as the U.S. Federal Post, for much of its shipments.