South Korean e-commerce giant Coupang Inc, backed by SoftBank Group Corp, filed for an initial public offering on Friday, revealing rapid revenue growth and narrowing losses as it gears up for a stock market debut in the United States.
In its filing, Coupang said 2020 total revenue jumped 91% to $11.97 billion from a year earlier, and net loss narrowed to $474.9 million from $698.8 million in the same period.
The online retailer is looking to cash in on investor appetite for high-growth tech stocks, at a time when the U.S. IPO market is at its strongest in more than two decades.
Around the world, e-commerce companies have experienced a surge in demand as the COVID-19 pandemic forced consumers to stay at home and shop online.
Founded in 2010 by 41-year-old Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its ‘Rocket Delivery’ service that promised delivery within 24 hours, in a sharp blow to the country’s family-owned retail conglomerates including Shinsegae and Lotte. SoftBank invested $1 billion in Coupang in 2015, and its Vision Fund invested an additional $2 billion in 2018. In its last funding round, Coupang was valued at $9 billion.
Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are among the underwriters for the offering.
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