Logos on facade on the shared headquarters of Web firm Coupang and safety firm SentinelOne within the Silicon Valley city of Mountain View, California, October 28, 2018.
Smith Assortment | Gado | Archive Photographs | Getty Photographs
South Korean e-commerce large Coupang, backed by SoftBank Group, filed for an preliminary public providing on Friday, revealing fast income development and narrowing losses because it gears up for a inventory market debut in the USA.
In its submitting, Coupang stated 2020 complete income jumped 91% to $11.97 billion from a yr earlier, and web loss narrowed to $474.9 million from $698.8 million in the identical interval.
The web retailer is seeking to money in on investor urge for food for high-growth tech shares, at a time when the U.S. IPO market is at its strongest in additional than 20 years.
World wide, e-commerce firms have skilled a surge in demand because the Covid-19 pandemic compelled shoppers to remain at house and store on-line.
Based in 2010 by 41-year-old Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its ‘Rocket Supply’ service that promised supply inside 24 hours, in a pointy blow to the nation’s family-owned retail conglomerates together with Shinsegae and Lotte.
SoftBank invested $1 billion in Coupang in 2015, and its Imaginative and prescient Fund invested a further $2 billion in 2018. In its final funding spherical, Coupang was valued at $9 billion.
Goldman Sachs, Allen & Co, JP Morgan, BofA Securities and Citigroup are among the many underwriters for the providing.
Coupang ranked No. 2 on the 2020 CNBC Disruptor 50 list.
—CNBC contributed to this report.
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The deadline has been prolonged for nominations for the 2021 CNBC Disruptor 50, a listing of personal companies utilizing breakthrough expertise to develop into the subsequent technology of nice public firms. Submit by Friday, Feb. 19, at 3 pm EST.