Coupang stock spikes 81% in NYSE debut
Red hot IPO trend will continue in 2021: Expert
Yext CFO Steve Cakebread says more firms — especially tech companies — will go public in 2021 and that direct primary listings will involve more investors.
Coupang LLC shares surged 81% in its opening trade on the New York Stock Exchange.
The Seoul-based e-commerce company, often dubbed the Amazon of South Korea, opened for trading at $63.50 after pricing at $35 earlier on Thursday. Coupang was expected to price in a range between $32 and $34 a share. Shares trade under the ticker CPNG.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CPNG | COUPANG INC COM USD0.0001 CL A | 53.30 | -6.30 | -10.57% |
| Powered by |
The $35 per share pricing gave the SoftBank Group Corp.-backed Coupang a $60 billion valuation, up from the $9 billion valuation received during a funding round in 2018. SoftBank's Vision Fund owns an approximately 35% stake.
Coupang raised $4.6 billion through its U.S. initial public offering, making it the biggest of this year. Dating app Bumble Inc. raised $2.15 billion from its February debut.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BMBL | BUMBLE INC | 74.13 | +11.22 | +17.84% |
| Powered by |
Coupang, which has a 19% market share in South Korea, offers customers next-day delivery for every order. Other service features include boxless/zero packaging and frictionless returns.
The company's net loss narrowed to $567.6 million last year, down from $770.2 million in 2019. Net revenue rose 92% year over year to $11 billion.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Goldman Sachs, Allen & Co, JPMorgan and Citigroup were lead underwriters for the offering.
Source: Read Full Article