COUPANG DEBUTS IN I.P.O

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Korean e-commerce powerhouse Coupang was listed on the New York Stock Exchange yesterday. Coupang COE and executives took part in the opening bell event in celebration of its initial public offering. Coupang shares rose about 40% before closing its first trading day.

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Coupang made its debut at the New York Stock Exchange with the ringing of the opening bell. The listing of Korea’s e-commerce giant was celebrated by a large banner and the Korean national flag. Coupang got a decent start. Shares closed today at a price more than 40% higher than the initial public offering price of 35 U.S. dollars.
The Wall Street Journal reported that Coupang’s market cap amounted to 63 billion dollars or 72 trillion won at 35 dollars per share. But the company’s value skyrocketed as the shares were traded at a much higher level than the initial public offering price.
Coupang founder and CEO Kim Bom appeared on a CNBC interview and said that he is glad to be a part of the Miracle on the Han River and will continue to invest in innovations.

[Soundbite] Kim Bom(Coupang Founder & CEO)

Coupang is the largest foreign company to be listed on the American stock market since China’s Alibaba in 2014.

[Soundbite] Lydia Jett(Coupang Board of Directors Member)

Major foreign news outlets in the U.S. are also highlighting the company, dubbing it the Amazon of Korea.