SoftBank-backed e-commerce firm Coupang raises $4.2 bn in US IPO: Report

(Reuters) – Coupang LLC, South Korea’s largest e-commerce company, raised $4.2 billion in the biggest share offering in the United States this year after selling stocks in the IPO above its deal target range, people familiar with the matter said.

The initial public offering price of $35 apiece, higher than the marketing range $32-$34 per share, gives Seoul-headquartered Coupang, which is backed by Japan’s SoftBank Group Corp, a market value of $60 billion.

The company declined to comment.

Coupang’s successful share offering comes as the U.S. IPO market is at its strongest in more than two decades and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.