Coupang, Korea's largest e-commerce site, raised $4.6 billion by offering 130 million shares (23% insider) at $35, above the upwardly revised range of $32 to $34. The company had originally planned to offer 120 million shares (17% insider) at a range of $27 to $30, before increasing the range to $32 to $34 ahead of the IPO. All additional shares were sold by insiders. At pricing, Coupang commands a fully diluted market value of $62.9 billion, 23% higher than originally anticipated.
Coupang plans to list on the NYSE under the symbol CPNG. Goldman Sachs, Allen & Company, J.P. Morgan, Citi and HSBC acted as lead managers on the deal.
