South Korean ecommerce giant Coupang is now well on its way to having one of the largest initial public offerings by a foreign company since Alibaba, after increasing the price range of its share sale.
- The company raised its IPO price target to between $32 and $34 per share, up from $27 to $30.
- At the $33 midpoint price, Coupang could raise nearly $4 billion in the offering and be valued at more than $59 billion on a fully diluted basis.
- Coupang is selling 100 million new shares in the IPO, with existing shareholders offering up 20 million of their own.
- SoftBank is the company's largest shareholder with a 35.1% pre-IPO stake. Other top shareholders include GreenOaks Capital Partners (17.7%) and Maverick Capital (6.8%).
- The company is set to make its NYSE debut Thursday.