Coupang stock spikes 81% in NYSE debut

Coupang LLC shares surged 81% in its opening trade on the New York Stock Exchange.

The Seoul-based e-commerce company, often dubbed the Amazon of South Korea, opened for trading at $63.50 after pricing at $35 earlier on Thursday. Coupang was expected to price in a range between $32 and $34 a share. Shares trade under the ticker CPNG.

Ticker	Security	Last	Change	Change %
CPNG	COUPANG	24.48	-0.85	-3.36%

The $35 per share pricing gave the SoftBank Group Corp.-backed Coupang a $60 billion valuation, up from the $9 billion valuation received during a funding round in 2018. SoftBank's Vision Fund owns an approximately 35% stake.

Coupang raised $4.6 billion through its U.S. initial public offering, making it the biggest of this year. Dating app Bumble Inc. raised $2.15 billion from its February debut.

Ticker	Security	Last	Change	Change %
BMBL	BUMBLE INC.	7.87	-0.36	-4.37%

Coupang, which has a 19% market share in South Korea, offers customers next-day delivery for every order. Other service features include boxless/zero packaging and frictionless returns.

The company's net loss narrowed to $567.6 million last year, down from $770.2 million in 2019. Net revenue rose 92% year over year to $11 billion.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

Goldman Sachs, Allen & Co, JPMorgan and Citigroup were lead underwriters for the offering.