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Coupang goes public on the NYSE in the US.
Coupang announced on the 12th (local time) that it had filed a report with the U.S. Securities and Exchange Commission (SEC) in accordance with Form S-1 for the listing of Class A common shares (hereinafter referred to as shares ordinary).
The number of common shares to be traded and the range of offering prices are still undecided. Coupang plans to list its common shares on the New York Stock Exchange (NYSE) under the ticker code ‘CPNG’. Coupang is known to select Goldman Sachs as the listing organizer and conduct a corporate briefing (IR). The target of the listing promotion is expected to be Coupang LCC (a US corporation), a parent company that has a 100% stake in Coupang. Already for next month, the debut on the stock market will be forecast.
Coupang’s corporate value was initially estimated at around 30 trillion won. Bloomberg reported that Coupang could be listed last month and predicted it would be “around $ 30 billion.” There is also no small prospect that it will be around $ 25 billion due to Coupang’s accumulated deficit.
However, the response from the United States on this day was warmer than expected. WSJ said: “It will be the IPO of the largest foreign company after Alibaba in China.” Meanwhile, the estimated business value reached $ 50 billion. Although it does not reach Alibaba ($ 168 billion), it exceeds the previous forecast. It is an analysis that if the overflowing liquidity on and off the New York Stock Exchange is recently added, it can generate an unexpected jackpot. Reuters said: “The Coupang IPO is to take advantage of investors who have recently focused on technology stocks.”
Founded in 2010, Coupang has grown into the largest e-commerce platform in Korea. It is shaking up the industry by delivering fresh food through early morning delivery and same day delivery. Additionally, it introduced Coupang Itz food delivery service and Coupang Play real-time video streaming service. Yahoo Finance said, “It’s like Amazon knows Doordash, a food delivery company.” In addition to Seoul, Coupang currently has offices in Silicon Valley, Seattle, Los Angeles (LA), Beijing, China, Shanghai, and Singapore.
Coupang has consistently revealed his willingness to list on the United States stock market. Bum-seok Kim, founder of Coupang (currently chairman of the board of directors), said at a press conference in 2011, a year after its establishment, “We are going to be listed directly on NASDAQ. Coupang’s succession of hiring the former director of the Federal Reserve (Fed) Kevin Wash, Alberto Ponaro, Chief Financial Officer (CFO) and Chief Accounting Officer Michael Parker (CAO) in October 2019, led to the interpretation that it was to be listed on the NASDAQ. Coupang initially lobbied to list on NASDAQ, but this time, it went through the NYSE listing process.
It is also striking that Son Jeong-eui, Chairman of Softbank Group Vision Fund, is the largest shareholder in Coupang LCC. Vision Fund has a 37% stake in Coupang by investing $ 2.7 billion in Coupang as of the third quarter of last year.
“The value of the company could exceed 50 billion dollars”
It is also read that the price of Coupang has been calculated to overcome the deficit trend. Since its inception, Coupang has been in the red until 2019. However, the size of the deficit, which exceeded 1 trillion won, decreased to 700 billion won in 2019. Starting next year, a full-fill service ( a full-fill service, a logistics company hired by a trading company and in charge of all processes such as delivery, storage, packaging, delivery, inventory management, exchange and return service, etc.) will be operated to improve profitability and expected to come out.
Myung-ju Kim, a researcher at Mirae Asset Daewoo, said: “Coupang is expanding the full archive service by starting a rocket alliance service that handles warehousing and delivery of products from open market vendors and responds to customer service. . full implementation “. Currently, the Rocket Alliance rate is estimated to be more than double the existing store rate.
However, there is also a worrying opinion. Anti-Coupang alliance movement is being detected, as Jung Yong-jin, vice president of Shinsegae, which operates e-commerce platform SSG.com, visited Naver, the number one portal in Korea. In addition, the domestic market may change depending on who is the acquisition of eBay Korea, the number one e-commerce for sale.
11st, an e-commerce platform operated by SK, is also embracing cooperation with Amazon. It may be difficult to view the situation optimistically from the perspective of Coupang, who has yet to exert a clear influence outside of Korea. For this reason, it is noted that to be successful in trading, market pessimism must be eliminated by dramatically improving earnings.
Park Eun-kyung, a researcher at Samsung Securities, said: “Coupang’s sales in 2019 grew 64% year-on-year, while its operating loss decreased 36% to 720 billion won, causing a crack in pessimism.” . to go black due to increased commission sales.
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