‘South Korea’s Amazon’ Coupang surges in first day of trading in US
Coupang Inc (NYSE:CPNG), an e-commerce giant described by some as the Amazon of South Korea, made a blockbuster debut on the New York Stock Exchange (NYSE) overnight in the largest initial public offering (IPO) for the US market so far in 2021.
At the closing bell on Thursday, the company’s shares were trading at US$49.25, a 40.7% increase on its IPO price of US$35. The company, which is backed by Japanese conglomerate Softbank, raised around US$4.6bn through the IPO while the share price surge took its market cap to just shy of US$85bn.
READ: Bumble rockets on market debut just before Valentine’s Day
The Seoul-based firm, which is known for its “rocket delivery” service that provides free shipping to customers within hours, is the largest IPO for an international firm on the US market since Chinese e-commerce giant Alibaba Group Holding Ltd (NYSE:BABA) in 2014.
Like other firms in the industry, the company has also seen its business boom during the pandemic, having added around 25,000 employees last year to address the upswing in demand.
Despite the popularity stemming from the speed of its delivery service, Coupang has come under scrutiny over the working conditions of its delivery drivers after a number of employee deaths.
Coupang’s debut marks the latest milestone in a flurry of major IPOs so far this year, with major brands including dating app Bumble Inc (NASDAQ:BMBL), takeaway delivery app DoorDash Inc (NYSE:DASH) and accommodation booking firm Airbnb Inc (NASDAQ:ABNB) having all floated in the first quarter of 2021.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/943694/south-koreas-amazon-coupang-surges-in-first-day-of-trading-in-us-943694.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
