CPNG begins trading on the NYSE

Shares of South Korean e-commerce giant Coupang were up 70% during its market debut Thursday on the New York Stock Exchange, making it the largest IPO in the United States so far this year.

The company’s stock started trading at $ 63.50 each, giving Coupang a market capitalization of $ 108.9 billion. The company had priced its shares at $ 35 each, above its target range of $ 32 to $ 34 each.

Founded in 2010 by Korean-American billionaire Bom Kim, Coupang (pronounced “coo-pong”) has made a name for itself for its guaranteed same-day or next-day delivery service. Often compared to Amazon or Alibaba, Coupang has more than 100 fulfillment and logistics centers in more than 30 cities. The company, which was # 2 on the 2020 CNBC Disruptor 50 list, also employs 15,000 drivers in South Korea for its deliveries.

According to PitchBook, the company was last valued in the private market at $ 9 billion in a 2018 funding round.

Coupang enters the market after the Covid-19 pandemic left millions of consumers at home, sparking an e-commerce explosion. Coupang nearly doubled its sales to $ 12 billion last year, according to the publicly released filing. Still, the company reported a net loss of approximately $ 475 million in 2020.

Thursday’s market debut could be another successful venture for SoftBank, whose $ 100 billion Vision Fund owns more than 35% of Coupang. The company is recovering from a series of missteps and announced last month that it posted a third-quarter profit of $ 8 billion at its Vision Fund unit. Coupang also counts Sequoia Capital and BlackRock among its investors.

Goldman Sachs, Allen & Co and JPMorgan were among the top insurers for the offering. The stock trades under the ticker symbol “CPNG.”

Correction: This story has been updated to reflect that Coupang opened at $ 63.50 and has a market cap of $ 108.9 billion at that price.

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