By Ovunc Kutlu
ANKARA (AA) - South Korea's largest e-commerce company that is backed by SoftBank has raised $4.6 billion in the biggest initial public offering (IPO) in the US in 2021.
Coupang said it priced 130 million shares at $35 per share on Wednesday, higher than the offered range of $32 to $34, which gave the company a market capitalization of around $60 billion.
While the IPO is the biggest in the US this year, it is also the largest on a US exchange since Uber raised $8.1 billion in 2019.
Coupang is backed by Japanese multinational conglomerate SoftBank that owns stakes in technology, energy and financial firms. Coupang received a $2 billion investment from SoftBank in 2018.