{"id":533672,"date":"2021-03-11T12:14:01","date_gmt":"2021-03-11T12:14:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=533672"},"modified":"2021-03-11T12:14:01","modified_gmt":"2021-03-11T12:14:01","slug":"affin-taekwang-brokerage-reports-on-softbankbacked-coupang-raising-42-billion-in-us-ipo","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/affin-taekwang-brokerage-reports-on-softbankbacked-coupang-raising-42-billion-in-us-ipo_533672.html","title":{"rendered":"Affin Taekwang Brokerage Reports On Softbank-Backed Coupang Raising $4.2 Billion In U.S. IPO"},"content":{"rendered":"
Affin Taekwang Brokerage has reported on the recent developments on the Korean Softbank-backed Coupang as they raise over $4.2 Billion in their U.S. initial public offering. <\/div>\n

Seoul, SOUTH KOREA – March 11, 2021 –<\/strong> Finance executives at Affin Taekwang Brokerage<\/a> have reported on South Korea’s e-commerce giant, Coupang LLC, selling shares in its initial public offering (IPO) at $35 apiece, above its target range, raising $4.2 billion.<\/p>\n

Thomas Chambers, Global Equities Director at Affin Taekwang Brokerage<\/a>, reported, “The IPO gives Coupang a market value of $60 billion. It aimed to sell 120 million shares at a target price range of $32-$34 per share, boosted from the initial $27-$30 it announced last week.”<\/p>\n

Coupang’s IPO is the biggest share offering in the U.S. so far this year, topping the $2.15 billion raised by popular online dating app Bumble Inc last month. It also represents a major increase in Coupang’s valuation, which was $9 billion in a fundraising round in 2018, according to analysts at Affin Taekwang Brokerage<\/a>.<\/p>\n

Coupang was founded in 2010 by Korean-American billionaire Bom Suk Kim. The company has aggressively increased its delivery and logistics service across the country, bringing 70% of its population within a seven-mile radius of its fulfilment centers. Coupang has also invested in emerging business lines like food delivery and online streaming.<\/p>\n

“Last year, Coupang’s net sales jumped 91% year-on-year to $11 billion. Net losses lowered to $567.6 million from $770.2 million posted in 2019,” reported Executive Financial Director at Affin Taekwang Brokerage<\/a>, Samuel Watson.<\/p>\n

Softbank’s Vision Fund is the largest shareholder of Coupang, which holds 35.1%. The Japanese conglomerate will receive around $16 billion from the IPO. This will strengthen the reputation of founder Masayoshi Son for picking successful startups even after a few failures.<\/p>\n

Coupang’s shares will begin trading on the New York Stock Exchange on Thursday under the ticker “CPNG.” Lead underwriters for the offering are Allen & Co, Citigroup, Goldman Sachs and JP Morgan.<\/p>\n

Media Contact<\/span>
Company Name:<\/strong> Affin Taekwang Brokerage<\/a>
Contact Person:<\/strong> Chi Song-Ho
Email:<\/strong> Send Email<\/a>
Phone:<\/strong> +82 2 3143 9555
Address:<\/strong>24F Dongbu Finance Center 432 Teheran-ro
City:<\/strong> Seoul
State:<\/strong> Gangnam-gu
Country:<\/strong> South Korea
Website:<\/strong> www.atbrokerage.com<\/a><\/p>\n

<\/object>\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Affin Taekwang Brokerage has reported on the recent developments on the Korean Softbank-backed Coupang as they raise over $4.2 Billion in their U.S. initial public offering. Seoul, SOUTH KOREA – March 11, 2021 – Finance executives at Affin Taekwang Brokerage … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[450,425,426,404,416],"tags":[],"class_list":["post-533672","post","type-post","status-publish","format-standard","hentry","category-Australia","category-Finance","category-Financial-Market","category-US","category-World"],"_links":{"self":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/533672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/comments?post=533672"}],"version-history":[{"count":0,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/posts\/533672\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/media?parent=533672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/categories?post=533672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.abnewswire.com\/pressreleases\/wp-json\/wp\/v2\/tags?post=533672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}