June 14, 2024

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SoftBank-backed e-commerce big Coupang data files for IPO

2 min read

Logos on facade at the shared headquarters of World wide web company Coupang and safety enterprise SentinelOne in the Silicon Valley town of Mountain Watch, California, Oct 28, 2018.

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South Korean e-commerce giant Coupang, backed by SoftBank Team, submitted for an preliminary public providing on Friday, revealing quick income growth and narrowing losses as it gears up for a inventory current market debut in the United States.

In its filing, Coupang explained 2020 complete earnings jumped 91% to $11.97 billion from a calendar year previously, and internet loss narrowed to $474.9 million from $698.8 million in the same period.

The online retailer is wanting to money in on investor appetite for superior-progress tech stocks, at a time when the U.S. IPO sector is at its strongest in far more than two many years.

All around the entire world, e-commerce firms have knowledgeable a surge in desire as the Covid-19 pandemic forced customers to remain at house and store on-line.

Started in 2010 by 41-12 months-previous Harvard graduate Bom Kim, Seoul-based mostly Coupang produced a splash with its ‘Rocket Delivery’ service that promised supply in just 24 hours, in a sharp blow to the country’s household-owned retail conglomerates including Shinsegae and Lotte.

SoftBank invested $1 billion in Coupang in 2015, and its Eyesight Fund invested an added $2 billion in 2018. In its last funding round, Coupang was valued at $9 billion.

Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are amid the underwriters for the supplying.

Coupang ranked No. 2 on the 2020 CNBC Disruptor 50 checklist.

—CNBC contributed to this report.

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The deadline has been prolonged for nominations for the 2021 CNBC Disruptor 50, a record of non-public corporations applying breakthrough technologies to grow to be the subsequent technology of fantastic public firms. Post by Friday, Feb. 19, at 3 pm EST.

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