Softbank's Vision Fund unloads Coupang shares again

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Softbank's Vision Fund unloads Coupang shares again

Coupang's office in Songpa District, southern Seoul. [NEWS1]

Coupang's office in Songpa District, southern Seoul. [NEWS1]

 
Softbank’s Vision Fund sold $1 billion worth of Coupang shares, the second such share dump by the company.
 
According to a regulatory filing on March 11 with the U.S. Securities and Exchange Commission, Softbank's SVF Investment sold 50 million Coupang shares as of March 9. The stocks were sold for $20.87 per share, bringing the total to $1.04 billion.  
 
Bloomberg estimates that SVF Investment is left with a 29 percent stake and is still the largest shareholder.
 
Coupang's shares fell 7.46 percent on Monday to $16.12. Opening at $63.50 when listing on the New York Stock Exchange last March, shares have plummeted over 74.6 percent.  
 
Although SVF Investment sold Coupang while shares were falling, it still earned gains compared to initial investments made in 2015 and 2018. Redex Research analyst Kirk Boodry estimates that SVF Investment invested in Coupang at an average of $4.80 per share.  
 
This wasn't the first time SVF Investment unloaded Coupang shares. It sold 57 million shares in Coupang last September for $29.70 a share.  
 
SVF Investment isn't the only major shareholder unloading Coupang stock. Greenoaks Capital, Coupang's second-largest shareholder, is also dumping. It sold 50 million shares last December and 50 million shares on March 4.  
 
 
 
 

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]
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