Coupang Announces Sale of 50 Million Shares to Vision Fund
Another Block Deal Following Last September
SoftBank Retains Position as Largest Shareholder
[Asia Economy Reporter Kim Bo-kyung] The Vision Fund of Japan's SoftBank Group, led by Chairman Masayoshi Son, has further sold shares of Coupang. It has been confirmed that a block deal worth $1.04 billion (approximately 1.3 trillion KRW) took place last week.
On the 11th (local time), Coupang disclosed to the U.S. Securities and Exchange Commission (SEC) that the Vision Fund sold 50 million Class A common shares of the company at $20.87 per share. The total sale amounted to $1.0435 billion. The transaction occurred on the 9th, and the stock price dropped 16.6% the following day on the 10th.
Last September, SoftBank also sold 57 million Coupang shares at $29.685 per share through the Vision Fund, recovering about $1.7 billion (2 trillion KRW) in investment. It appears that SoftBank is gradually reducing its stake in Coupang.
Despite this sale, SoftBank remains the largest shareholder of Coupang. SoftBank invested a total of $3 billion in Coupang in 2015 and 2018.
Coupang, which was listed on the New York Stock Exchange in March last year, made a spectacular debut with an opening price of $63.5 per share on the first day of listing but has been on a downward trend since. On the 11th, the stock closed at $17.42.
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