© Reuters/JOSH SMITHFILE PHOTO: Delivery trucks for e-commerce retailer Coupang leave a distribution centre in Seoul
By Chibuike Oguh and Joshua Franklin
(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.
Coupang's IPO is the biggest U.S. share offering so far this year, surpassing the $2.15 billion raised by dating app Bumble Inc last month. It also marks a significant increase in Coupang's valuation, which was pegged at $9 billion in a previous fundraising round in 2018, according to Pitchbook.
Just like many other e-commerce firms, Coupang's sales grew sharply during the COVID-19 pandemic as customers shopped more online while under restrictions.
In 2020, Coupang's net sales jumped 91% year-on-year to $11 billion. Net losses narrowed to $567.6 million from $770.2 million posted in the prior year.
Founded in 2010 by Korean-American billionaire Bom Suk Kim, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. Softbank's Vision Fund owns 35.1% of Coupang.
The company's shares will begin trading on the New York Stock Exchange on Thursday under the symbol "CPNG."
Goldman Sachs, Allen & Co, JP Morgan and Citigroup are the lead underwriters for the offering.
(Reporting by Chibuike Oguh in New York; Editing by Aurora Ellis)