SoftBank-backed ecommerce firm Coupang seeks to raise $3.6b in US listing

South Korean ecommerce company Coupang is looking to raise up to US$3.6 billion in a US initial public offering, according to a filing with the US Securities and Exchange Commission.

It will offer 120 million new shares for US$27 to US$30 apiece.

With the listing, the company could be valued at over US$50 billion, according to Reuters.

Photo credit: Coupang

Founded in 2010, Coupang claims to be the largest ecommerce player in South Korea, which has invested billions of dollars to build its own inventory selection, technology, and business-to-customer logistics. The country had over 100 fulfillment and logistics centers in over 30 cities as of 2020.

The proceeds from the most recent listing will be used for general corporate purposes, including working capital, operating expenses, capital expenditures, as well as acquisitions and investments.

Last year, the firm raked in US$11.9 billion in total net revenue, up from US$6.2 billion a year before. It also recorded US$474.8 million in net losses last year.

Previously, Coupang was valued at US$9 billion after it secured US$2 billion in fundraising from SoftBank’s Vision Fund in 2018.

In South Korea, the total ecommerce spending is expected to grow to US$206 billion by 2024, according to the prospectus.

Correction (March 2, 11:00pm Singapore time): This article had earlier incorrectly mentioned 20 million new shares, instead of 120 million new shares.