Korean e-commerce site Coupang CPNG, said Thursday that it plans to sell 100,000,000 shares priced between $32 and $34 per share. The company has applied to list under the ticker “CPNG.” Goldman Sachs & Co., Allen & Company and J.P. Morgan are the lead underwriters. Coupang assumes $3.2 billion in net proceeds from the public offering, assuming an IPO price of $33. With about 1.72 billion shares expected to be outstanding after the IPO, the expected pricing could value that company at up to $58.3 billion. The company plans to use the proceeds for general business purposes, including working capital and capital expenditures. Coupang had revenue of $3.8 billion in the fourth-quarter of 2020, and a loss of $474.9 million for the year.

 

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