E-commerce giant Coupang unveils US IPO plan


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South Korean e-commerce giant Coupang Inc. is seeking to have its stocks listed on the New York Stock Exchange.

In the documents submitted to the US Securities and Exchange Commission on Friday, Coupang revealed its plan to sell an unspecified number of Class A common stocks on the New York bourse, the Yonhap News Agency reported.

The South Korean firm had long been expected to make an initial public offering in the US.

According to the documents submitted by Coupang, the South Korean firm posted total revenues of about $11.97 billion in 2020, nearly double from $6.27 billion posted the year before, with a net loss of about $474.9 million, down from a net loss of $699 million in 2019.

The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Founded in 2010, Coupang has offices in Beijing, Los Angeles, Seattle, Seoul, Singapore, Shanghai and Silicon Valley.

It offers a variety of services, including same-day and next-morning delivery of groceries and general merchandise, delivery of prepared foods through Coupang Eats, and video streaming through Coupang Play.

Source: IANS

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