South Korean e-commerce giant COUPANG submitted an IPO prospectus, which will be listed on the New York Stock Exchange under the stock code CPANG. It is expected to become the largest non-US company IPO listed on the US exchange since Alibaba. SoftBank, a venture capitalist holds approximately a 38% stake in COUPANG. The company will underwrite shares through Goldman Sachs, Allen & Company, JP Morgan, Bank of America Securities, Citigroup, HSBC, Deutsche Bank Securities, UBS Investment Bank, Mizuho Securities, CLSA.
According to the report, the company has a net loss of US$474.9 million in 2020 and a net loss of US$698.8 million in 2019. The company's total revenue in 2020 was US$12 billion and in 2019 it was US$6.3 billion. Founded in 2010, Coupang is one of the few Korean unicorns. SoftBank has invested in this e-commerce company since 2015. At that time, it invested 1 billion U.S. dollars. In November 2018, it invested another 2 billion. The US dollar, which made its valuation soar from 5 billion US dollars to 9 billion US dollars, was once known as the Korean version of Amazon.
The company also said at the end of last year that it would invest about 276 million U.S. dollars to build a large-scale logistics center with technical support in Daegu National Industrial Park, and establish a major base for the company's national logistics system plan. South Korean e-commerce is gradually becoming the world's third-largest market, with annual sales of 119 billion U.S. dollars by 2021, second only to China and the United States. South Korea’s e-commerce grew by 18.1% last year, while Coupang grew by more than three times.