Coupang to Go Public in U.S. IPO; Backed by SoftBank

Coupang reported a 91% jump in revenue in 2020 to $11.97 billion. The South Korean e-commerce giant was most recently valued at about $9 billion.
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South Korean e-commerce giant Coupang, which is backed by SoftBank Group, filed for an initial public offering with the Securities and Exchange Commission Friday.

The company's filing stated that 2020 total revenue jumped 91% to $11.97 billion year over year and its net loss narrowed to $474.9 million from $698.8 million. 

The company, which was founded in 2010 by 41-year-old Harvard grad Bom Kim, was most recently valued at about $9 billion in its latest funding round. 

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. 

The company's biggest hit was its 'Rocket Delivery' service, which promised delivery within 24 hours, similar to the service offered by Amazon Prime  (AMZN) - Get Report in the U.S. 

Goldman Sachs, Allen & Co, JP Morgan, BofA Securities, and Citigroup are some of the underwriters for the offering. 

The U.S. IPO market has been hot in recent quarters with companies looking to take advantage of unprecedented investor interest in markets.

Other companies have been choosing a different route to go public via SPACs in the past year, including ones included in TheStreet's SPAC Tracker.

Dating app Bumble  (BMBL) - Get Report was the latest tech company to go public Thursday, raising $2.15 billion in its debut and opening at $76 per share, well ahead of its $43 per share pricing. 

But TheStreet's Jim Cramer recently had a bit of advice for investors looking to cash in on these initial stock offerings. 

"We just think if people have knowledge of a lockup expiring then they can make a more considered judgment on the stock after they've made a considered judgment on the company," Cramer told TheStreet.