One of the e-commerce companies from South Korea Coupang announced plans for a public offering or IPO in New York. The IPO is targeted to reap US $ 3.6 billion and the company’s valuation can reach US $ 46 to US $ 51 billion.
Quoted from Forbes, Saturday (6/3/2021), with this IPO, the assets of the Chief Executive of Coupang Bom Kim are predicted to increase to US $ 4.7 billion.
Kim himself is a US citizen. He left South Korea at the age of 7 and attended school in Massachusetts at 13.
Kim dropped out of school from Harvard Business School and returned to South Korea to establish Coupang in 2010. Coupang’s business model is almost similar to Groupun. But then switched to a marketplace like eBay.
In 2015, Coupang raised US $ 500 million from investors such as Sequoia Capital and BlackRock. At that time, Coupang targeted housewives by selling diapers, rice and bottled water.
Then in 2020 Coupang recorded a net income of US $ 12 billion, up 90% compared to the previous year.
