Coupang, which operates korea's largest e-commerce site, announced terms for its IPO on Monday.
The Seoul, South Korea-based company plans to raise $3.4 billion by offering 120 million shares (17% insider) at a price range of $27 to $30. At the midpoint of the proposed range, Coupang would command a fully diluted market value of $51.0 billion.
Founded in 2010, Coupang is the largest product e-commerce player in Korea. The company had 14.8 million active customers in the MRQ. In addition to its owned-inventory selection, Coupang offers hundreds of millions of SKUs sourced from over 200,000 merchants on its marketplace. The company has expanded into new product offerings, including subscription service Rocket WOW, Korea's largest meal delivery platform Coupang Eats, and e-wallet Coupang Pay.
Coupang was founded in 2010 and booked $12.0 billion in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol CPNG. Goldman Sachs, Allen & Company and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of March 8, 2021.
