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Deepti Sri · · 1 min readSources: SoftBank-backed Coupang hikes US IPO target price
“South Korean ecommerce giant Coupang priced its initial public offering above a targeted range to raise US$4.2 billion based on the planned size of the share sale,” Bloomberg reported citing a person familiar with the matter.
Details:
- Coupang priced its shares at US$35 each, up from a planned range of US$32 to US$34 apiece.
- At the current share price, the company would have a market value of about US$60 billion, based on its outstanding shares on its prospectus.
Context:
- The hike in pricing comes amid an increase in investor appetite for the ecommerce giant’s shares, fueled by a rising demand for online shopping.
- Last week, Coupang said it is looking to raise up to US$3.6 billion in a US IPO, with the proceeds to be used for general corporate purposes.
Editing by Miguel Cordon and Jaclyn Tiu
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