Deals
Coupang Files for IPO as South Korea Heads Into Boom Year
- E-commerce startup may be valued at more than $30 billion
- SoftBank owns about 37% of company after early investments
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South Korean e-commerce giant Coupang Corp. filed for an initial public offering in the U.S. that could raise billions of dollars to battle rivals and kick off a record year for IPOs in the Asian country.
The Seoul-based company revealed a surge in net revenue last year to about $12 billion, almost double the $6.3 billion it made in 2019, according to a prospectus filed with the U.S. Securities and Exchange Commission. It also narrowed losses to a net $474.9 million in 2020, from a loss of about $699 million the year before.