Coupang Handpicked Few Investors to Buy Into Mega IPO
- E-commerce giant allocated 80% of deal to top 25 investors
- Unusually large number of prospective buyers got no stock
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Coupang Inc. handpicked fewer than 100 investors to participate in its $4.6 billion initial public offering, a rare move that shut out many potential shareholders from the year’s largest U.S. listing, people familiar with the matter said.
The South Korean e-commerce company allocated the top 25 investors about 80% of the deal, a higher proportion than most IPOs, according to the people. An unusually large amount of investors who put in orders weren’t allocated any stock, the people said, asking not to be identified because the information is private.