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South Korean E-Commerce Company Coupang Files IPO

South Korean E-Commerce Company Coupang Files IPO
  • South Korean e-commerce company Coupang (NYSE: CPNG), backed by SoftBank Group Corp (OTC: SFTBF), filed for an initial public offering.
  • The number of shares and the price range for the IPO are yet to been determined.
  • It has applied for listing on the NYSE under the ticker symbol "CPNG."
  • Goldman Sachs & Co. LLC, Allen & Company LLC, J.P. Morgan, BofA Securities and Citigroup are the lead book-running managers for the IPO. HSBC, Deutsche Bank Securities, UBS Investment Bank, Mizuho Securities, and CLSA are the bookrunners.
  • Coupang’s revenue rose 91% to $11.97 billion year-on-year, and net loss fell 32% to $474.9 million.
  • SoftBank made a $1-billion investment in Coupang in 2015. SoftBank’s Vision Fund invested an additional $2 billion in 2018. Coupang was valued at $9 billion based on the last round of funding CNBC reports.

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