’33 trillion of corporate value’ Coupang officializes listing on the New York Stock Exchange⋯ Kim Bum-seok, dreams come true in 10 years

Input 2021.02.13 09:06 | Revision 2021.02.13 09:58

Coupang, a domestic online shopping mall company, officially announced its listing on the US stock market. It has been 10 years since the founder of the company, Bum-Seok Kim, Chairman of the Coupang Board of Directors, expressed his determination to “list on the NASDAQ in the US within two years and leap to the world” in 2011.-

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Coupang announced on the 12th (local time) that “the US Securities and Exchange Commission (SEC) has submitted a report for listing of Class A common stock.”

The S-1 report filed by Coupang to the US SEC on that day included Coupang’s performance last year. Last year, Coupang’s sales amounted to $1,196.67 billion (about 13.26 trillion won), nearly doubled from the previous year (7,153 trillion won). The distribution industry believes that Coupang benefited from the growth of the online market due to the spread of coronavirus infection.

After listing, there are observations that Coupang’s corporate value will exceed at least 30 trillion won. Some foreign media are also forecasting that it will exceed 50 trillion won. Earlier, in May 2014, the company’s corporate value has increased by at least 30 times in 7 years since it was designated as Korea’s No. 1 “Unicorn” (a company with an enterprise value of 1 trillion won or more).

Last month, Bloomberg News evaluated Coupang’s corporate value at 30 billion dollars (about 33 trillion won). The Wall Street Journal (WSJ) reported that Coupang’s valuation is expected to exceed $50 billion (about 55.4 trillion won), and the British Financial Times (FT) is also expected to receive a market value of more than $50 billion by listing on the New York Stock Exchange. He reported that he expected.

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The story of Coupang’s listing on the U.S. stock market was first made public in 2011 by Coupang Chairman Kim Bum-seok at the 1st anniversary of Coupang. Afterwards, in October 2019, Kevin Wash, a former Fed director, who was mentioned as a candidate for the chairman of the U.S. Federal Reserve System (Fed), was recruited as Coupang, fueling the possibility of preparation for listing on the US stock market.

Coupang’s listing on the New York Stock Exchange is known as’CPNG’. The number of listed shares or the offering price has not yet been determined. The securities industry predicts that Coupang will be listed on the New York Stock Exchange as soon as possible within one quarter, unless there are unexpected variables.

If Coupang’s listing on the New York Stock Exchange is successful, large-scale financing is expected. This is expected to lead to more aggressive business and investment.

Coupang received a total investment of 3.4 billion dollars (about 3.5 trillion won) from Softbank’s Vision Fund. Additional investment has been cut off since 2018, and in the third quarter of last year, Softbank Chairman Son Jeong-eui announced the return of the investment (exit). If Coupang is listed on the New York Stock Exchange, it will be possible to raise large-scale business financing, and there are many prospects that it will receive strength from investments such as new businesses. In particular, it is said that it will further strengthen Coupang’s strengths such as logistics and delivery services.

Coupang has more than 150 distribution centers in 30 cities in Korea. It is known that there are more than 13,000 people related to delivery directly hired by Coupang.

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