SoftBank-backed Coupang boosts IPO price, aims for $58 billion valuation – Reuters

SoftBank-backed Coupang boosts IPO price, aims for $58 billion valuation – Reuters

(Reuters) - South Korea's Coupang Inc, which is backed by SoftBank Group Corp, is seeking a valuation of more than $58 billion in its U.S. stock market debut, after the e-commerce giant raised the price range for its offering on Tuesday.The company's stock market launch is poised to be the largest IPO in New York by a foreign company since Alibaba Group's mega listing in 2014, and underscores unprecedented investor appetite for technology companies, which have seen sales skyrocket during the COVID-19 pandemic.The Seoul-based e-commerce firm was founded in 2010 by Harvard graduate Bom Suk Kim. It made a splash in Korea with its “Rocket Delivery” service that promised delivery within 24 hours, shaking family-owned retail conglomerates including Shinsegae and Lotte.Coupang, viewed as a rival to Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 billion from its Vision Fund in 2018. Coupang said in a regulatory filing it would price its offering between $32 and $34 per share, higher than its earlier range of $27 and $30 a share. (bit.ly/3rviHgt) At the top end of the new range, it would raise as much as $4.08 billion.The company has seen revenue grow every quarter since the