Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

‘South Korea’s Amazon’ Coupang surges in first day of trading in US

% of readers think this story is Fact. Add your two cents.


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


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.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.