SoftBank-backed Coupang valued at $109 billion in blockbuster debut

FILE PHOTO: Delivery trucks for e-commerce retailer Coupang leave a distribution centre in Seoul
FILE PHOTO: Delivery trucks for e-commerce retailer Coupang leave a distribution centre in Seoul, South Korea, June 21, 2018. Picture taken June 21, 2018. REUTERS/Josh Smith/File Photo

March 12, 2021

(Reuters) – Shares of SoftBank Group Corp-backed Coupang soared more than 81% in their stock market debut on Thursday, valuing the South Korean e-commerce giant at $109 billion.

Stock opened at $63.5, compared to the raised offer price of $35 per share which fetched around $4.6 billion for Coupang, in the biggest U.S. initial public offering this year.

(Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila)