Coupang (CPNG) IPO Opens 81% Higher
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Today's IPO for South Korean e-commerce company Coupang (NASDAQ: CPNG) opened for trading at $63.50 after pricing 30 million shares at a better-than-expected price of $35 per share. Coupang previously priced its IPO in a $32-$34 range.
Softbank holds a 35.1% stake in the company, which is described as "Korea's Amazon."
Analysts are bullish on the company and its prospects.
“The fact is that (Coupang is) becoming the biggest e-commerce business within Korea and 24% market share, I think, it might actually even rise further. It is possible that they can actually gain as much as 30%+ over the next few years,” Daniel Yoo, head of global asset allocation at Yuanta Securities, told CNBC.
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