Abstract: e-commerce giant COUPANG, known as "Amazon.Com Inc of South Korea", has submitted an IPO prospectus in the United States, which will be listed on the New York Stock Exchange under the symbol CPANG, and is expected to become the largest non-American company listed on the American Stock Exchange since BABA. Softbank Corp. holds a stake in COUPANG38%.
South Korean e-commerce giant Coupang Inc. Submit an IPO prospectus, which will be listed for trading on the New York Stock Exchange under the ticker symbol$Coupang (CPNG.US) $It is expected to be the largest non-US company to list on a US exchange since BABA.
The company will adopt Goldman Sachs Group, Allen & Company, J.P. Morgan, Bank of America Securities, Citigroup Inc, HSBC, Deutsche Bank Securities, UBS Investment Bank, Mizuho Securities, CLSA underwrite shares.
Coupang Inc. It is a model of rapid growth and decreasing losses in South Korea, which achieved a balance of income and expenditure just two years after its founding. Last year, the company generated revenue of $12 billion, almost double its revenue of $6.3 billion in 2019, and a net loss of $474.9 million, about 1/3 less than its net loss of $698.8 million in 2019.
The company is growing at an annual rate of nearly 70%, three times the growth rate of the South Korean e-commerce market. The number of daily active users reached 3.5 million, three times that of the second.
South Korean e-commerce is gradually becoming the third largest market in the world, and its annual sales are expected to reach 119 billion US dollars by 2021, second only to China and the United States. E-commerce in South Korea grew by 18.1% last year, while Coupang grew more than threefold.
Coupang, founded in 2010, is one of the few South Korean unicorns. Softbank Corp. has been investing in the e-commerce company since 2015, investing $1 billion at that time and a further $2 billion in November 2018, making its valuation soar from $5 billion to $9 billion, once known as the Korean version of Amazon.Com Inc. Softbank Corp. holds a 38 per cent stake in the company.
By contrast, BABA was valued at $168 billion when he went public in the US.
The company's founder, Bom Kim, is from Harvard Business School. In view of the fact that there are already many group-buying websites in the US market, Kim regards his hometown of Korea as an obvious purpose, launching the group-buying website Coupang: "in e-commerce, the biggest obstacle is the time it takes for the product to reach the user. "in South Korea, this time is extremely short, because 50 million people live in a country the size of Indiana.
The company also said at the end of last year that it would invest about $276 million to build a large technical support logistics center in the Daegu National Industrial Park, a major base for the company's national logistics system plan.