Coupang to start trading in New York on March 11

Coupang is expected to make its debut on March 11 on the New York Stock Exchange (NYSE), a day after fixing its initial public offering (IPO) price, financial industry sources said Wednesday.

The speculation came after the NYSE confirmed that the IPO price for the Seoul-based company would be determined next Wednesday.

According to the U.S. Securities and Exchange Commission (SEC) filing, Coupang is hoping to price its offering at between US$27 and $30 per share to raise up to $3.6 billion. At the upper end of the proposed IPO price, Coupang's market value may amount to some $50 billion.'

Coupang's IPO may be delayed if its deal managers require more time to gauge subscription demand.

Coupang's CEO Kim Bom is known to be currently in New York for an investor relations tour, seeking to raise the size of investment.

After the IPO, Kim will be holding 10.2 percent of the company shares, next to SoftBank Vision Fund's 33.1 percent, Greenoaks Capital's 16.6 percent and Greenoaks Capital founder Neil Mehta's 16.6 percent, according to the SEC filing.

Last year, Coupang registered revenues of about $11.97 billion, nearly double from $6.27 billion a year ago, according to the documents submitted by Coupang. Net losses stood at about $474.9 million in 2020, down from the previous year's $699 million.

Yonhap