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

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.