Company: Coupang, Inc.
Symbol: CPNG
Shares: 120 million
Price Range: $27.00-$30.00 $32.00-$34.00
Market Cap: $46.1b-$51.5b $54.9b-$58.3b
Trade Date: Thursday, 3/11
Description: They are building the next generation experience for e-commerce. They believe that by investing for the long term in technology and infrastructure with a fanatical culture of customer centricity, we are delivering a superior customer experience at a lower cost and are continuing to redefine standards for e-commerce worldwide.
Underwriter(s): Goldman Sachs, Allen & Company, J.P. Morgan, Citigroup
Co-Manager(s): HSBC, Deutsche Bank Securities, UBS Investment Bank, Mizuho Securities, CLSA
Terms Added: 3-1-21
Update: 3/9/21 – AMENDED PROSPECTUS
03/08/21 – 10:00 am ET — Coupang Inc (CPNG) — Channel checks just completed, are currently revealing, according to guidance, that the deal is multiple-times oversubscribed. The books are scheduled to close Tuesday at 4pm in anticipation for a Thursday debut. It should be noted that shareholders are selling 20.0mm shares in this offering with the other 100.0mm shares being offered by the company. Notably, existing shareholder BlackRock is among those selling but the largest shareholder, Softbank Vision Fund (39.8% pre-IPO stake), is not selling. This may be the largest IPO by market cap to come to market in recent years… surpassing Airbnb Inc (ABNB) $47b valuation in December 2020 but falling short of Uber Technologies (UBER) $75b valuation when it priced its offering in May 2019. They operate the largest B2C logistics footprint as compared to other product e-commerce players in Korea. As of December 31, 2020, they had over 100 fulfillment and logistics centers in over 30 cities, encompassing over 25 million square feet. They also have the largest directly employed delivery fleet in Korea, consisting of over 15,000 drivers as of December 31, 2020, who utilize their proprietary software and custom-designed trucks. Their total net revenues were $12.0 billion in 2020, up 90.8% (93.1% on a constant currency basis) over 2019. Their Active Customer base grew to approximately 14.8 million in the quarter ended December 31, 2020 from approximately 11.8 million in the quarter ended December 31, 2019, an increase of 25.9%. Their gross profit was $2.0 billion in 2020, up 92.3% over 2019. Their operating loss was $(0.5) billion in 2020 and $(0.6) billion in 2019 and their net loss was $(0.5) billion in 2020 and $(0.7) billion in 2019. Their EBITDA28 was $(0.3) billion in 2020 and $(0.6) billion in 2019. It should be noted that Korea is widely considered one of the fastest growing e-commerce markets outside of China. E-Commerce IPOs continue to be extremely well-received and despite the broad market volatility…we anticipate that investors are eagerly awaiting this IPO. Please monitor for potential information. Rating = 4.
03/09/21 – 09:50 am ET — Coupang Inc (CPNG) — The underwriters amended the range of this offering with a S-1/A. The range has been increased from $27-$30 –> $32-$34. The amount of shares being offered remains 120.0mm. According to guidance, the offering remains multiple-times oversubscribed. The books are scheduled to close today at 4pm. The increase in range reflects the strength of the deal. We anticipate this IPO to have a “very strong” debut. Rating = 4.
https://www.sec.gov/Archives/edgar/data/1834584/000162828021004212/coupang-sx1a2.htm
03/10/21 -10:10 am ET — Coupang Inc (CPNG) — Channel checks just completed, are currently revealing, according to guidance that the deal remains multiple-times oversubscribed. The underwriter is not providing official price guidance at this time, however, we anticipate a pricing at the high-end or above the upwardly-revised $32-$34 range. While some may point out that Oscar Health “played out” the same way, it is our “opinion” that this deal is being much “better-received” than Oscar. Rating = 4.
Coupang Inc (CPNG) priced a full-size deal, 120.0mm shares, at $35.00 ($1 Above the upwardly-revised range) and will debut on Thursday.
Coupang Inc (CPNG) priced a full-size deal, 120.0mm shares, at $35.00 ($1 Above the upwardly-revised range) and opened at $63.50 for a gain of 81.43% at first trade.
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