South Korea’s Coupang Inc. is seeking a valuation of more than $58 billion in the U.S stock market debut, according to Reuters. The valuation reflects a stock offering of between $32 and $34 per share, higher than an earlier range of $27 and $30 a share.
Coupang’s IPO will be the largest in New York by a foreign company since Alibaba Group’s mega listing in 2014.
The IPO offering underscores unprecedented investor appetite for technology companies, whose sales have skyrocketed during the COVID-19 pandemic.
Coupang made a name in Korea with its “Rocket Delivery” service that promised to deliver within 24 hours.
The e-commerce giant is viewed as a rival to Amazon and received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018.
Coupang revenue has grown every quarter since the start of 2018, while its loss has narrowed annually.
At the top of the new price range, Coupang will raise as much as $4.08 billion.
