South Korean e-commerce platform Coupang went public on the New York Stock Exchange yesterday, achieving a valuation of $60 billion. Coupang raised $4.6 billion through the IPO at a price of $35 per share - the highest on Wall Street to date in this busy IPO year.
An earlier filing with the U.S. Securities and Exchange Commission shows that the company's net revenue in 2020 was $12 billion, almost double the amount of 2019. Losses were narrowed from $699 million to $475 million in the same time frame.
Financial experts are predicting an IPO boom in South Korea, with another IPO almost as big - by games publisher Krafton - also coming up in 2021.
A successful Coupang IPO must have also pleased investor Softbank. The Japanese bank holds a 37 percent stake in the retailer and was hoping for some better IPO outcomes. Softbank-backed WeWork saw its IPO plans go sour in 2019, but the upcoming public offerings of Coupang as well as potential ones by Chinese rideshare provider Didi and Indonesian online retailer Tokopedia are expected to perform much better.