South Korea's Coupang raises $4.55B in US IPO

South Korean e-commerce company Coupang Inc. raised $4.55 billion in its initial public offering in the U.S.

Coupang sold 130 million shares at $35 each, higher than the estimated per-share price range of $32 to $34, according to SEC filings. The shares began trading March 11 on the New York Stock Exchange under the symbol CPNG.

The company intends to use the IPO's net proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures. It may also use part of the proceeds for M&A deals or strategic investments, with the unused proceeds to be invested in investment-grade, interest-bearing instruments.

The selling shareholders in the offering include Green Oaks Capital Management LP and SVF Investments (UK) Ltd., according to S&P Global Market Intelligence data. SVF Investment's ultimate owner is SoftBank Vision Fund LP, which has backed Coupang since June 2015.

Goldman Sachs & Co. LLC, Allen & Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., UBS Securities LLC, Mizuho Securities USA LLC and CLSA Ltd. are the IPO's underwriters. Cooley LLP and Kim & Chang are Coupang's legal counsels, with Latham & Watkins LLP as legal counsel to the underwriters. Samil PricewaterhouseCoopers is the IPO's accountant.

Japanese conglomerate SoftBank Group Corp. owns the SoftBank Vision Fund.