THE WHAT? Shares in Seoul-based e-commerce company Coupang started trading last Thursday on the New York Stock Exchange at US$35 per share, above the upwardly revised range, to raise US$4.6 billion, according to a report published by Nikkei Asia.
THE DETAILS With 130 million shares on offer, the listing is the biggest IPO by a foreign company in the US since Alibaba floated in 2014, Nikkei reports.
Korea’s answer to Amazon is famed for its speedy service, with a delivery window of just 24 hours thanks to its network of logistics and fulfilment centers.
THE WHY? The pricing announcement was above the expected US$32 to US$34 per share due to the swift expansion of South Korea’s e-commerce market, prompted by the pandemic. Online transactions hit KRW161 trillion in 2020 and Coupang nearly doubled revenue,