Coupang, Korea's largest e-commerce site, raised the proposed deal size for its upcoming IPO on Tuesday.
The Seoul, South Korea-based company now plans to raise $4.0 billion by offering 120 million shares (17% insider) at a price range of $32 to $34. The company had previously filed to offer the same number of shares at a range of $27 to $30. At the midpoint of the revised range, Coupang will raise 16% more in proceeds than previously anticipated.
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 revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol CPNG. Goldman Sachs, Allen & Company, J.P. Morgan, Citi, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of March 8, 2021.
