Coupang Inc, an online shopping platform in Korea, has filed Amendment No 2 to Form S-1 Registration Statement on March 9, 2021 with the U.S. Securities and Exchange Commission to raise the proposed IPO price range to $32 to $34, previously the proposed price range was $27 to $30.
The company plans to raise $4 billion by offering 120 million shares. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $59 billion.
The company builds an end-to-end integrated system of technology and infrastructure to deliver a superior customer experience, launch new offerings, and offer effective merchant solutions. They control and improve the entire experience, from the customer app to the delivery of the order at the customer’s door, while increasing efficiency and lowering price for customers.
The Seoul, South Korea-based company was founded in 2010 and booked $12.0 billion in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol “CPNG.” Goldman Sachs, Allen & Company, J.P. Morgan, Citi, and HSBC are underwriters of the IPO.
The company engages Cooley LLP as US Securities Counsel, and PricewaterhouseCoopers as Independent Auditor.
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