Coupang shares jump 81% to $63.5 on NYSE debut

Thursday, 11. March 2021 18:29

Coupang began trading on the New York Stock Exchange on Thursday at a starting price of $63.5, surging 81% from its initial public offering (IPO) price.

The South Korean e-commerce company, which is trading under the ticker CPNG, priced 130 million Class A common stock at $35 per share in its IPO and raised $4.55 billion, valuing the company at $60 billion.

Coupang, which is often dubbed South Korea's Amazon, was founded in 2010 and the Japanese conglomerate SoftBank Group is its largest shareholder. Its IPO is the largest one in the United States since the start of the year.

Related Links: Coupang, Inc.
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Breaking the News / NP