South Korean online giant Coupang files for blockbuster US IPO
South Korean e-commerce big hitter, Coupang, is gearing up for the largest initial public offering by a foreign company in the US since Alibaba Group’s debut in 2014.
It saw its net revenue rise 91% in 2020, to $12 billion, and booked a $527 million operating loss. Coupang lost $643 million in 2019 and more than $1 billion in 2018, a filing shows.
The SoftBank backed firm is reportedly eyeing a market valuation of more than $50 billion following its listing on the New York Stock Exchange.
Alibaba Group was valued at around $168 billion when it went public.
Thuan Pham
Late last year, Coupang hired Thuan Pham as Chief Technology Officer.
Pham stepped down as Uber’s CTO in May 2020 as the company was linked with coronavirus related lay offs.
“While the work is never done, I feel comfortable hanging up my hat at a time when the Uber Engineering team is at peak productivity, we have built robust system scale and stability, and are well prepared to face the future,” Pham said in a statement.
“This has been a labour of love for me, and I am so proud of what we have done as a team.”
Coupang is South Korea’s largest e-commerce company by market share.
It is known for its fast delivery services, including Dawn Delivery which drops off packages ordered by midnight at customers’ doors before 7am.
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