WASHINGTON, March 11 (Yonhap) – South Korean e-commerce giant Coupang Inc. caused a stir during its historic New York Stock Exchange debut on Thursday with an IPO price set at $ 35 per share.
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This amount exceeds the initially proposed range of $ 32-34 per share.
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With 130 million shares on offer, the initial price is expected to increase by $ 4.6 billion and propel the value of the company to around $ 60 billion, making it one of the most valued start-ups in the world. United States.
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Coupang shares started trading at $ 63.5 per share, up 81.4% from the IPO price, and closed up 40.71% at $ 49.25. The Dow Jones Industrial Average gained 0.58%.
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“Korean industry and creativity created the ‘Han River Miracle’. And we’re so excited to be just a small part of this amazing story, ”said Kim Bom-suk, Founder and CEO of Coupang, in an interview with CNBC, referring to the great stream that runs through Seoul.
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Noting that Coupang’s debut marks the largest IPO of a foreign company since Chinese firm Alibaba in 2014, Kim said he added a new “testament to Korean history.”
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According to its registration form filed with the United States Securities and Exchange Commission, Coupang seeks to build additional logistics centers, develop employment and venture into new lines of business with the proceeds of the sale of its shares in the United States.
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The company already has around 70% of South Korea’s population within an 11-kilometer radius of its distribution centers, but more facilities are needed in rural areas to bolster its super-fast delivery service, the document explains. .
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“I think we have been fortunate to work with all of my colleagues and investors who have been aligned and unwavering on the long term strategy. We’re here because we’ve kept our eyes on this long-term strategy with the goal of creating real value for our customers and shareholders, ”Kim noted in the interview.
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“So I think we’ll continue to stay focused. This IPO now gives us the resources to remain steadfast in this journey, ”added the CEO.
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The company announced earlier that the IPO process would be legally completed by Monday.
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