South Korea's Coupang jumps 80% in New York market debut

Monster IPO raises $4.6bn, marking win for major investor SoftBank

Coupang has helped transform e-commerce in South Korea by offering "next-day" and even "same-day" and "dawn" delivery of groceries and millions of other items at no extra charge. (Photo by Kotaro Hosokawa)

ALEX FANG, Nikkei staff writer

March 12, 2021 03:52 JST

Updated on March 12, 2021 07:58 JST

NEW YORK -- South Korean e-commerce giant Coupang soared 81% at the start of trading on the New York Stock Exchange Thursday after an initial public offering that sold $4.6 billion worth of shares.

The Seoul-based company opened at $63.50 apiece, almost double its $35.00 price tag at IPO, which already exceeded the previously marked price range. Shares fell back to $49.25 at market close, valuing the company at over $80 billion.