South Korean e-commerce giant Coupang has filed for a U.S. IPO, reportedly the largest since Alibaba’s in 2014. More than 60 companies have raised about $68B in IPOs so far in 2021, including more than 40 SPAC IPOs.
- The WSJ reported that the IPO could value the company at more than $50B. The company was last valued at $9B in 2018, following its $5B valuation in 2015.
- The company generated $12B in revenue last year, up 50% from $6.3B in 2019.
- Coupang invested heavily in its Rocket Delivery service, which delivers goods by the following day at dawn if ordered before midnight, an offering that helped increase revenue during the pandemic. The company also started providing other services, including delivery service "Coupang Eats" and streaming service "Coupang Play."
- In its IPO filing, the company noted that the e-commerce market in South Korea would grow to $206B in 2024, from $128B in 2019. In 2021, the South Korean market is estimated to be only behind U.S. and China in terms of e-commerce market size.
- Coupang has raised $3.4B in funding to date from investors including Sequoia Capital and SoftBank. If Coupang’s valuation reaches $50B, it will result in a 7x return for SoftBank’s investment in the company.