Coupang is projected to raise 3.6 billion dollars from an initial public offering in New York. The e-commerce giant announced that it will offer 120 million shares at 27 to 30 dollars each in a revised registration document submitted to the Securities and Exchange Commission on Monday (local time). Its corporate value will stand at 51 billion dollars with 3.6 billion dollars added through the IPO if the share price is 30 dollars. It also disclosed its equity structure. Founder Bom Kim will have 10.2 percent of the shares after the IPO. But he is projected to have 76.7 percent of voting rights by owning all the class B shares, which come with a dual class right of 29 times per share.
Combining the class A (common share) and B shares, the SoftBank Vision Fund led by SoftBank Chairman Son Jeong-eui will have the second most shares (33.1%), followed by venture capital Greenoaks Capital (16.6%), Greenoaks founder Neil Mehta (16.6%) and Kim (10.2%).
The company newly defined Korea’s monopoly regulation and fair trade act as a risk factor in investment. Based on the law, Coupang (subsidiary of Coupang Inc.) in Korea and its affiliates may be designated as corporate entities for public notice.