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SoftBank-backed Coupang reveals income surge forward of U.S. IPO By Reuters

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© Reuters. FILE PHOTO: Bom Kim, CEO of the e-commerce retailer Coupang, speaks at a warehouse in Seoul

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(Reuters) – South Korean e-commerce big Coupang Inc, backed by Japan’s SoftBank Group Corp, on Friday filed to go public on the New York Inventory Change, hoping to money in on robust demand for high-growth tech shares because it reported a near-doubling of annual income and narrowing losses.

Coupang is aiming for a valuation of round $50 billion in its U.S. preliminary public providing (IPO), in response to an individual accustomed to the matter.

This may make it the most important IPO in New York by an organization primarily based exterior the USA since Alibaba (NYSE:) Group Holding in 2014, Dealogic information confirmed.

Based in 2010 by Harvard graduate Bom Kim, Coupang made a splash in Korea with its ‘Rocket Supply’ service, which promised supply inside 24 hours, shaking family-owned retail conglomerates reminiscent of Shinsegae and Lotte.

Coupang was valued at $9 billion in its final personal fundraising spherical in 2018, in response to information supplier PitchBook.

In a regulatory submitting, Coupang mentioned complete income jumped 91% in 2020 to $11.97 billion, whereas web losses narrowed to $474.9 million from $698.8 million.

The corporate, seen as a rival in South Korea to e-commerce big Amazon.com Inc (NASDAQ:), obtained $1 billion in funding from SoftBank in 2015 and $2 billion from its Imaginative and prescient Fund in 2018.

Coupang’s different buyers embrace BlackRock Inc (NYSE:), the world’s largest asset supervisor, enterprise capital agency Sequoia Capital and billionaire investor Invoice Ackman.

The U.S. IPO market is at its strongest in additional than 20 years, and buyers are flocking to purchase shares in know-how firms which have benefited through the COVID-19 pandemic.

Coupang plans to listing underneath the image “CPNG”. It has but to supply a goal asking value for its shares.

Goldman Sachs (NYSE:), Allen & Co, JP Morgan, BofA Securities and Citigroup (NYSE:) are among the many underwriters.

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