(Reuters) – South Korean e-commerce giant Coupang Inc, backed by Japan’s SoftBank Group Corp, on Friday filed to go public on the New York Stock Exchange, hoping to cash in on strong demand for high-growth tech stocks as it reported a near-doubling of annual revenue and narrowing losses.
Coupang is aiming for a valuation of around $50 billion in its U.S. initial public offering (IPO), according to a person familiar with the matter.
True Market Insiders:
Why December 31st Could Set Off A “Tech Boom” In Stocks
Thanks to the rare convergence of three economic triggers, the clock is ticking down for a once in a lifetime wealth building opportunity. [Here’s how to play it.]
This would make it the largest IPO in New York by a company based outside the United States since Alibaba Group Holding in 2014, Dealogic data showed.
Founded in 2010 by Harvard graduate Bom Kim, Coupang made a splash in Korea with its ‘Rocket Delivery’ service, which promised delivery within 24 hours, shaking family-owned retail conglomerates such as Shinsegae and Lotte.
Coupang was valued at $9 billion in its last private fundraising round in 2018, according to data provider PitchBook.
In a regulatory filing, Coupang said total revenue jumped 91% in 2020 to $11.97 billion, while net losses narrowed to $474.9 million from $698.8 million.
The company, viewed as a rival in South Korea to e-commerce giant Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018.
Coupang’s other investors include BlackRock Inc, the world’s largest asset manager, venture capital firm Sequoia Capital and billionaire investor Bill Ackman.
The U.S. IPO market is at its strongest in more than two decades, and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.
Coupang plans to list under the symbol “CPNG”. It has yet to provide a target asking price for its shares.
Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are among the underwriters.
Where to invest $1,000 right now...
Before you consider buying Coupang, you'll want to see this.
Investing legend, Keith Kohl just revealed his #1 stock for 2022...
And it's not Coupang.
Jeff Bezos, Peter Thiel, and the Rockefellers are betting a colossal nine figures on this tiny company that trades publicly for $5.
Keith say’s he thinks investors will be able to turn a small $50 stake into $150,000.
Find that to be extraordinary?
But you have to act now, because a catalyst coming in a few weeks is set to take this company mainstream... And by then, it could be too late.
Watch Demo of Elon Musk’s Next Big Project
Elon Musk made $180 million on PayPal, $18.7 billion on SpaceX, and $110 billion on Tesla. But it’s what he’s planning next that will shock everyone. It could even put up to an extra $30,000 in your pocket every year. [Click here to watch the demo.]