Coupang surged over 40% in its trading debut, valuing the South Korean ecommerce company at $88.3 billion on a fully diluted basis.
Coupang raised $4.6 billion in its IPO, one of the year’s biggest, after pricing its shares at $35 apiece. Shares closed Thursday at $49.25 each on the NYSE.
SoftBank‘s 33% stake in the company was worth about $28 billion, based on Coupang’s closing stock price. GreenOaks Capital Partners‘ 16.6% stake was valued at $14.1 billion; Maverick Capital‘s 6.4% holding was worth $5.4 billion.
Shares of South Korean e-commerce giant Coupang surged 40% in its market debut Thursday on the New York Stock Exchange, making it the largest IPO so far this year in the United States.
The company’s stock began trading at $63.50 apiece. Shares closed at $49.25, giving the company a market cap of $84.47 billion.
The company had priced its shares at $35 apiece, above its target range of $32 to $34 each.
Founded in 2010 by Korean-American billionaire Bom Kim, Coupang (pronounced “coo-pong”) made a name for itself through its guaranteed same-day or next-day delivery service. Often compared to Amazon or Alibaba, Coupang has more than 100 fulfillment and logistics centers in more than 30 cities. The company, which ranked No. 2 on the 2020 CNBC Disruptor 50 list, also employs 15,000 drivers in South Korea for its deliveries.
The company was last valued in the private market at $9 billion in a 2018 funding round, according to PitchBook.
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