South Korea’s Coupang Upping Price Range in $4 Billion U.S. IPO
(Bloomberg) -- Coupang Inc., a South Korean e-commerce giant, is now seeking to raise as much as $4.08 billion in its U.S. initial public offering after boosting the price target.
The company and its existing shareholders are offering 120 million shares at $32 to $34 apiece, according to a Tuesday filing with the U.S. Securities and Exchange Commission. The shares were marketed at $27 to $30, an earlier prospectus showed.
At $34, the company would be valued at $58 billion, according to the number of shares outstanding.
Coupang, which counts SoftBank Group Corp.’s Vision Fund and BlackRock Inc. among investors, is offering 100 million new Class A shares in the IPO, and 20 million shares are being offloaded by existing investors.
The main purpose of the listing is to provide liquidity, the company said in its filing. Proceeds will be used for general corporate purposes.
Goldman Sachs Group Inc., Allen & Co. and JPMorgan Chase & Co. are leading the offering. Coupang is expected to be listed on the New York Stock Exchange on Thursday under the symbol CPNG.
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