Despite IPO Price Hike, Stock Soars in First Trade
Intraday Market Value Exceeds $100 Billion
Largest Listing Since Uber
[Asia Economy New York=Correspondent Baek Jong-min] E-commerce company Coupang closed trading at $49.25, up 41.49% from the IPO price, on its first day listed on the New York Stock Exchange (NYSE) on the 11th (local time). Coupang's market capitalization reached $89.1 billion (approximately 100.95 trillion KRW). Major indices on the New York Stock Exchange also showed significant gains, welcoming Coupang's entry.
Coupang started trading at $63.50, an 81.4% increase from the IPO price of $35, reaching an intraday high of $69, but narrowed its gains by the close.
On the day, Coupang's market capitalization briefly exceeded $100 billion, but closed at $89.1 billion.
During the roadshow, investor demand expanded, leading Coupang to widen its expected IPO price band, and the final IPO price was set at $35, exceeding the initial range.
Although Coupang's corporate value was continuously highly evaluated, it successfully completed its listing with a 41% stock price increase on the first trading day.
According to Bloomberg and others, Coupang's IPO was the largest on the New York Stock Exchange since Uber. It was also the largest Asian company IPO since Alibaba in 2014. Following Alibaba, Coupang has made a new history for e-commerce companies on the New York Stock Exchange.
Coincidentally, the strong performance of the New York stock market on the day also helped Coupang's stock price. The Dow Jones Industrial Average rose 0.58%, the S&P 500 increased 1.04%, and the Nasdaq index surged 2.5%.
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