ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
IPO

SoftBank-backed Coupang files for US IPO

South Korean e-commerce giant saw revenue jump 91% in 2020

Delivery staff for Coupang, wearing masks to prevent contracting the coronavirus, warm up before leaving to deliver packages in Incheon, South Korea.    © Reuters

South Korean e-commerce giant Coupang revealed rapid revenue growth and narrowing losses in its filing for a U.S. stock market debut, as the SoftBank Group-backed company looks to cash in on strong demand for high-growth tech stocks.

Founded in 2010 by Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its 'Rocket Delivery' service that promised delivery within 24 hours, in a sharp blow to the country's family-owned retail conglomerates such as Shinsegae and Lotte.

Coupang on Friday disclosed total revenue jumped 91% to $11.97 billion in 2020 from a year earlier, while net loss narrowed to $474.9 million from $698.8 million.

The company, viewed as a local rival to e-commerce giant Amazon.com, received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018. In its last funding round, Coupang was valued at $9 billion.

Its other investors include BlackRock, the world's largest asset manager, venture capital firm Sequoia Capital and billionaire investor Bill Ackman.

Coupang's filing comes when the U.S. IPO market is at its strongest in more than two decades and investors are flocking to share sales by technology companies that have benefited during the COVID-19 pandemic.

Shares of Affirm Holdings, a fintech boosted by the rapid adoption of e-commerce during the health crisis, almost doubled in their Nasdaq debut.

Coupang, which plans to list on the New York Stock Exchange under the symbol "CPNG", filed for an IPO of up to $1 billion, a placeholder amount likely to change.

Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are among the underwriters for the offering.

(Reuters)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends January 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more