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SoftBank-backed Coupang reveals revenue surge ahead of U.S. IPO

Stock Markets Feb 12, 2021 11:25AM ET
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2/2 © Reuters. FILE PHOTO: Bom Kim, CEO of the e-commerce retailer Coupang, speaks at a warehouse in Seoul 2/2
 
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(Reuters) - South Korean e-commerce giant Coupang Inc, backed by Japan's SoftBank Group Corp, on Friday filed to go public on the New York Stock Exchange, hoping to cash in on strong demand for high-growth tech stocks as it reported a near-doubling of annual revenue and narrowing losses.

Coupang is aiming for a valuation of around $50 billion in its U.S. initial public offering (IPO), according to a person familiar with the matter.

This would make it the largest IPO in New York by a company based outside the United States since Alibaba (NYSE:BABA) Group Holding in 2014, Dealogic data showed.

Founded in 2010 by Harvard graduate Bom Kim, Coupang made a splash in Korea with its 'Rocket Delivery' service, which promised delivery within 24 hours, shaking family-owned retail conglomerates such as Shinsegae and Lotte.

Coupang was valued at $9 billion in its last private fundraising round in 2018, according to data provider PitchBook.

In a regulatory filing, Coupang said total revenue jumped 91% in 2020 to $11.97 billion, while net losses narrowed to $474.9 million from $698.8 million.

The company, viewed as a rival in South Korea to e-commerce giant Amazon.com Inc (NASDAQ:AMZN), received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018.

Coupang's other investors include BlackRock Inc (NYSE:BLK), the world's largest asset manager, venture capital firm Sequoia Capital and billionaire investor Bill Ackman.

The U.S. IPO market is at its strongest in more than two decades, and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.

Coupang plans to list under the symbol "CPNG". It has yet to provide a target asking price for its shares.

Goldman Sachs (NYSE:GS), Allen & Co, JP Morgan, BofA Securities and Citigroup (NYSE:C) are among the underwriters.

SoftBank-backed Coupang reveals revenue surge ahead of U.S. IPO
 

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Comments (1)
Kyoung suk Kang
Kyoung suk Kang Feb 13, 2021 6:41AM ET
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I am Korean and love Coupang. That’s good news for Korea economy. But we need to thinking about Coupang man for delivery. They are working slavery crazy hard. American never imaging. They can delivery 11pm or 7am even some of them could not sleep much whole day. When we order what ever before 12am, we can get next 7am. It’s crazy fast backed with Coupang man. Recently many coupang man died during delivey with heart attack. Futhermore, The company CTO got share reward a lots of money. but Coupang man’s benefit or wage not much improved. If someone want to investment for Coupang, they need to concerning about CEO,CTO and CCO. How they managing company or what about staff wage. I am not against the company. I love to use Coupang app. But someone want to investment, we need to checking their honest and moral for Coupang man.
Kyoung suk Kang
Kyoung suk Kang Feb 13, 2021 6:41AM ET
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Now i got news. The company gonna reward to Coupang man by shares. That’s news.
 
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