SoftBank-backed Coupang raises $4.2 billion in IPO – sources

(Reuters) – Coupang LLC, South Korea’s largest e-commerce company, sold shares in its initial public offering (IPO) on Wednesday at $35 apiece, above its target range, to raise $4.2 billion, people familiar with the matter said.

The IPO gives Seoul-based Coupang, which is backed by Japan’s SoftBank Group Corp, a market value of $60 billion.

Coupang had aimed to sell 120 million shares at a target price range $32-$34 per share, higher than the initial $27-$30 announced last week. The company declined to comment.

Source: Read Full Article