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SoftBank-backed Coupang reveals revenue surge ahead of US IPO

Based in 2010 by Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its ‘Rocket Supply’ service that promised supply inside 24 hours, in a pointy blow to the nation’s family-owned retail conglomerates reminiscent of Shinsegae and Lotte.

Reuters

PUBLISHED ON FEB 12, 2021 09:32 PM IST

South Korean e-commerce large Coupang Inc revealed fast income development and narrowing losses in its submitting for a US inventory market debut, because the SoftBank Group Corp-backed firm appears to be like to money in on sturdy demand for high-growth tech shares.

Based in 2010 by Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its ‘Rocket Supply’ service that promised supply inside 24 hours, in a pointy blow to the nation’s family-owned retail conglomerates reminiscent of Shinsegae and Lotte.

Coupang on Friday disclosed complete income jumped 91% to $11.97 billion in 2020 from a yr earlier, whereas web loss narrowed to $474.9 million from $698.eight million.

The corporate, seen as a neighborhood rival to e-commerce large Amazon.com Inc, acquired $1 billion in funding from SoftBank in 2015 and $2 billion from its Imaginative and prescient Fund in 2018. In its final funding spherical, Coupang was valued at $9 billion.

Its different traders embody BlackRock Inc, the world’s largest asset supervisor, enterprise capital agency Sequoia Capital and billionaire investor Invoice Ackman.

Coupang’s submitting comes when the US IPO market is at its strongest in additional than 20 years and traders are flocking to share gross sales by expertise corporations which have benefited throughout the Covid-19 pandemic.

Shares of Affirm Holdings Inc, a fintech boosted by the fast adoption of e-commerce throughout the well being disaster, nearly doubled of their Nasdaq debut.

Coupang, which plans to listing on the New York Inventory Change beneath the image “CPNG”, filed for an IPO of as much as $1 billion, a placeholder quantity prone to change.

Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are among the many underwriters for the providing.

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