South Korea’s Coupang Inc, which is backed by SoftBank Group Corp, is targeting a blockbuster stock market debut that would value the e-commerce giant at well over $50 billion and make it the largest U.S. initial public offering this year.
In a regulatory filing on Monday, Coupang said it would price its offering between $27 and $30 a share. At the upper end of that range, Coupang will raise as much as $3.6 billion. In a regulatory filing on Monday, Coupang said it would price its offering between $27 and $30 a share. At the upper end of that range, Coupang will raise as much as $3.6 billion.
Apart from SoftBank, which has invested billions in Coupang, other major investors include BlackRock Inc, venture-capital firm Sequoia Capital and billionaire investor Bill Ackman.
The massive offering comes as U.S. capital markets gear up for another banner year for new listings, underscoring unprecedented investor appetite for technology companies, which have seen sales skyrocket during the COVID-19 pandemic.
Source: Reuters
Reporting by Anirban Sen and Noor Zainab Hussain in Bengaluru; Editing by Sriraj Kalluvila
