CPNG starts trading on the NYSE

Shares in South Korean e-commerce giant Coupang rose 70% in their market debut on Thursday on the New York Stock Exchange, making it the biggest IPO so far this year in the United States.

The company’s shares started trading at $ 63.50 each, giving Coupang a market capitalization of $ 108.9 billion. The company had priced its shares at $ 35 each, above its target range of $ 32 to $ 34 each.

Founded in 2010 by Korean-American billionaire Bom Kim, Coupang (pronounced “coo-pong”) made his name through his guaranteed same-day or next-day delivery service. Often compared to Amazon or Alibaba, Coupang has more than 100 service and logistics centers in more than 30 cities. The company, which placed second on the 2020 CNBC Disruptor 50 list, also employs 15,000 drivers in South Korea for its deliveries.

The company’s last private valuation was $ 9 billion in a 2018 financing round, according to PitchBook.

Coupang is hitting the market after the Covid-19 pandemic caused millions of consumers to remain at home, leading to an e-commerce boom. Coupang nearly doubled his revenue to $ 12 billion last year, according to his go-ahead request. Still, the company reported a net loss of about $ 475 million in 2020.

The debut on Thursday’s market could mark another successful venture for SoftBank, whose $ 100 billion Vision Fund owns more than 35% of Coupang. The company is recovering from a series of errors and announced last month that it recorded a profit of $ 8 billion at its Vision Fund unit in the third quarter. Coupang also has Sequoia Capital and BlackRock among its investors.

Goldman Sachs, Allen & Co and JPMorgan were among the main subscribers to the offer. The shares are traded under the symbol “CPNG”.

Correction: this story has been updated to reflect the Coupang opened at $ 63.50 and, at that price, has a market capitalization of $ 108.9 billion.

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