Coupang said in a statement that it had priced 130 million shares sold in the IPO at $35 a share, higher than the offered range of $32 to $34 a share, giving the Seoul-based e-commerce company a market value of $60 billion. The company initially revealed its IPO plans in mid-February.
Coupang’s IPO is the biggest U.S. offering so far this year, surpassing the $2.15 billion raised by dating app Bumble (BMBL) - Get Report. It also marks a jump in Coupang's valuation, which was pegged at $9 billion in a fundraising round in 2018, according to Pitchbook.
Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country.
Mega-conglomerate SoftBank's $100 billion Vision Fund owns 35.1% of Coupang.
The Amazon.com-like (AMZN) - Get Report company founded in 2010 by Korean-American billionaire Bom Suk Kim saw sales jump more than 90% last year to $11 billion. Net losses narrowed to $567.6 million from $770.2 million posted in the prior year, according to the company.
Achieving a $60 billion valuation would add to good news for Softbank's Vision Fund, which is bouncing back from an annual loss in March. Last month, it announced record quarterly profit.
SoftBank made a $1 billion investment in the company in 2015 and the firm's Vision Fund invested an additional $2 billion into the company in 2018.
Coupang's biggest hit has been its 'Rocket Delivery' service, which promises delivery within 24 hours, similar to Amazon's Prime service in the U.S.
Coupang shares will begin trading on the New York Stock Exchange on Thursday under the symbol "CPNG."
Goldman Sachs, Allen Co, JPMorgan and Citigroup are the lead underwriters for the offering.