Coupang shares surge 70% from IPO price on first day of trading
Coupang shares surged today as the South Korean e-commerce company debuted on the New York Stock Exchange. It is the biggest foreign listing on the exchange since Alibaba in 2014.
Coupang shares began trading at $59.60, a 70% increase from the company’s IPO price of $35, before closing at just above $49. The Coupang IPO raised US$4.6 billion – the biggest U.S public offering so far this year, surpassing the $2.15 billion raised by dating app Bumble Inc.
Coupang is South Korea’s largest e-commerce firm with a 19% market share and it is the 10th largest e-commerce company in the world. It was founded by Korean-American businessman, Bom Kim in 2010 and backed by Japan’s SoftBank Group.
Investors have viewed Coupang as the “Amazon of Korea” and “not just another e-commerce company” due to the fact it has achieved the rare feat of fending off Alibaba and Amazon to maintain its number one spot in the South Korean online retail market.
Coupang Inc. trades on the NYSE under the ticker ‘CPNG’.