By Colin Kellaher
Coupang Inc., the South Korean e-commerce giant backed by Japan's SoftBank Group Corp., on Monday said it plans to sell 100 million shares at between $27 and $30 apiece in its U.S. initial public offering.
A pricing at the $28.50 midpoint of that range would yield net proceeds of about $2.8 billion and would give the Seoul company a market capitalization topping $48 billion.
Coupang said current shareholders plan to sell another 20 million shares in the offering, bringing the total size of the IPO to 120 million shares. The selling holders include entities associated with BlackRock Inc., who are selling about 17.5 million shares.
SoftBank's massive Vision Fund, which holds a roughly 35% stake in Coupang, isn't selling any shares in the offering, according to a filing with the Securities and Exchange Commission.
Coupang said Bom Suk Kim, its founder and chief executive, will still hold roughly 76.7% of its voting power after the IPO.
Coupang said it would have about 1.71 billion shares outstanding after the IPO, for a market capitalization of around $48.6 billion at the $28.50-a-share midpoint.
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(END) Dow Jones Newswires