By Colin Kellaher

South Korean e-commerce giant Coupang Inc. on Tuesday raised the expected price range of its initial public offering to $32 to $34 a share, pushing its potential market capitalization above $58 billion.

Coupang, backed by Japan's SoftBank Group Corp., had previously said it expected the shares to price between $27 and $30 each.

The Seoul company is selling 100 million shares in the IPO, while current shareholders are offering another 20 million, bringing the total size of the IPO to 120 million shares. SoftBank's massive Vision Fund, which holds a roughly 35% stake in Coupang, isn't selling any shares in the offering,

A pricing at the $33 midpoint of the new range would yield net proceeds of about $3.2 billion and would give the Coupang a market capitalization around $56.6 billion, based on roughly 1.72 billion shares outstanding after the IPO. At the $34 high end, Coupang's market capitalization would exceed $58 billion.

Coupang's highly anticipated IPO is expected to price this week. The company's shares have been approved for listing on the New York Stock Exchange under the symbol CPNG.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

03-09-21 0943ET