South Korean e-commerce giant Coupang Inc. is seeking to raise up to $3.6 billion from an initial public offering (IPO) in New York.
The IPO is poised to rank as one of the largest-ever Asian listings in the U.S.
Coupang and some existing shareholders are offering 120 million shares at $27 to $30 each, according to a filing Monday.
At the top end of the range, Coupang will be valued at as much as $51 billion based on the number of shares outstanding.
Founded in 2010 by Chief Executive Officer Bom Kim, Coupang has grown faster than the e-commerce market amid fierce competition from retail conglomerates and startups.
A successful IPO would be another windfall for billionaire Masayoshi Son’s SoftBank Group Corp. The Japanese conglomerate invested $1 billion in Coupang in 2015 and its Vision Fund put in another $2 billion in 2018, pushing its valuation to about $9 billion.
The SoftBank Vision Fund will own about 37% of the company’s Class A shares after the offering, according to Monday’s filing.
BlackRock Inc. and Greenoaks Capital are among Coupang’s investors. The company plans to list on the New York Stock Exchange under the symbol CPNG.
Goldman Sachs Group Inc., Allen & Co., JPMorgan Chase & Co., Citigroup Inc., HSBC Holdings Plc, Deutsche Bank AG, UBS Group AG, Mizuho Financial Group Inc. and CLSA are also working on the offering.
Bank of America Corp., which was listed as one of the underwriters in a February registration document, didn’t appear in Monday’s filing.