S Korea s Coupang raises US$4 2bn in IPO
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SoftBank-backed Coupang raises $4 6B in US IPO
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By Chibuike Oguh, Joshua Franklin and Joyce Lee (Reuters) - Coupang LLC, South Korea s largest e-commerce company, raised $4.6 billion in the biggest share offering in the United States this year after selling stocks in IPO above its deal target range, the company said on Thursday. Coupang said in a statement that it had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving Seoul-headquartered e-commerce giant, which is backed by Japan s SoftBank Group Corp, a market value of $60 billion. Founded in 2010 by Korean-American billionaire Bom Suk Kim, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. SoftBank s $100 billion Vision Fund owns 35.1% of Coupang.