South Korea's Coupang ups price range in US$4b US IPO

New York

COUPANG, a South Korean e-commerce giant, is now seeking to raise as much as US$4.08 billion in its US initial public offering (IPO) after boosting the price target.

The company and its existing shareholders are offering 120 million shares at US$32 to US$34 apiece, according to a Tuesday filing with the US Securities and Exchange Commission. The shares were marketed at US$27 to US$30, an earlier prospectus showed.

At US$34, the company would be valued at US$58 billion, according to the number of shares outstanding.

Coupang, which counts SoftBank Group's Vision Fund and BlackRock among investors, is offering 100 million new Class A shares in the IPO, and 20 million shares are being offloaded by existing investors.

The main purpose of the listing is to provide liquidity, the company said in its filing. Proceeds will be used for general corporate purposes.

Goldman Sachs Group, Allen & Co and JPMorgan Chase & Co are leading the offering. Coupang is expected to be listed on the New York Stock Exchange on Thursday under the symbol CPNG. BLOOMBERG