Coupang Sets IPO Terms Pushing Market Cap Above $48 Billion
March 01 2021 - 11:43AM
Dow Jones News
By Colin Kellaher
Coupang Inc., the South Korean e-commerce giant backed by
Japan's SoftBank Group Corp., on Monday said it plans to sell 100
million shares at between $27 and $30 apiece in its U.S. initial
public offering.
A pricing at the $28.50 midpoint of that range would yield net
proceeds of about $2.8 billion and would give the Seoul company a
market capitalization topping $48 billion.
Coupang said current shareholders plan to sell another 20
million shares in the offering, bringing the total size of the IPO
to 120 million shares. The selling holders include entities
associated with BlackRock Inc., who are selling about 17.5 million
shares.
SoftBank's massive Vision Fund, which holds a roughly 35% stake
in Coupang, isn't selling any shares in the offering, according to
a filing with the Securities and Exchange Commission.
Coupang said Bom Suk Kim, its founder and chief executive, will
still hold roughly 76.7% of its voting power after the IPO.
Coupang said it would have about 1.71 billion shares outstanding
after the IPO, for a market capitalization of around $48.6 billion
at the $28.50-a-share midpoint.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 01, 2021 11:28 ET (16:28 GMT)
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