South Korean E-Commerce Giant Coupang Corp. has filed for an initial public offering in the U.S. that could potentially raise billions of dollars to battle rivals and kick off a record year for IPOs in the Asian country. According to a prospectus filed with the U.S. Securities and Exchange Commission, the Seoul-based company revealed a surge in net revenue last year to $12 billion, almost double the $6.3 billion it made in 2019. It narrowed losses to a net $474.9 million in 2020, from a loss of about $699 million the year before.
Coupang has not specified the planned timing or size for its IPO. However, Bloomberg reported earlier that the valuation of the company could exceed $30 billion, and the offering may come in the second quarter. The company will offer shares on the New York Stock Exchange under the ticker CPNG.
“Coupang has still much room to grow,” said Jungwook Lim, Managing Partner at the Seoul-based venture capital firm TBT. “With the billions of dollars it will raise from an IPO, Coupang may keep widening the gap from its competitors.”