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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank : Affin Taekwang Brokerage Reports On Softbank-Backed Coupang Raising $4.2 Billion In U.S. IPO

03/11/2021 | 12:45pm EDT

Affin Taekwang Brokerage has reported on the recent developments on the Korean Softbank-backed Coupang as they raise over $4.2 Billion in their U.S. initial public offering.

Seoul, SOUTH KOREA -- Finance executives at Affin Taekwang Brokerage have reported on South Korea's e-commerce giant, Coupang LLC, selling shares in its initial public offering (IPO) at $35 apiece, above its target range, raising $4.2 billion.

Thomas Chambers, Global Equities Director at Affin Taekwang Brokerage, reported, "The IPO gives Coupang a market value of $60 billion. It aimed to sell 120 million shares at a target price range of $32-$34 per share, boosted from the initial $27-$30 it announced last week."

Coupang's IPO is the biggest share offering in the U.S. so far this year, topping the $2.15 billion raised by popular online dating app Bumble Inc last month. It also represents a major increase in Coupang's valuation, which was $9 billion in a fundraising round in 2018, according to analysts at Affin Taekwang Brokerage.

Coupang was founded in 2010 by Korean-American billionaire Bom Suk Kim. The company has aggressively increased its delivery and logistics service across the country, bringing 70% of its population within a seven-mile radius of its fulfilment centers. Coupang has also invested in emerging business lines like food delivery and online streaming.

"Last year, Coupang's net sales jumped 91% year-on-year to $11 billion. Net losses lowered to $567.6 million from $770.2 million posted in 2019," reported Executive Financial Director at Affin Taekwang Brokerage, Samuel Watson.

Softbank's Vision Fund is the largest shareholder of Coupang, which holds 35.1%. The Japanese conglomerate will receive around $16 billion from the IPO. This will strengthen the reputation of founder Masayoshi Son for picking successful startups even after a few failures.

Coupang's shares will begin trading on the New York Stock Exchange on Thursday under the ticker "CPNG." Lead underwriters for the offering are Allen & Co, Citigroup, Goldman Sachs and JP Morgan.

Media Contact

Company Name: Affin Taekwang Brokerage

Contact Person: Chi Song-Ho

Email: chi.songho@atbrokerage.com

Phone: +82 2 3143 9555

Address:24F Dongbu Finance Center 432 Teheran-ro

City: Seoul

State: Gangnam-gu

Country: South Korea

Website: www.atbrokerage.com

Source: www.abnewswire.com

.

(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
COUPANG, INC. 0.94% 37.54 Delayed Quote.0.00%
SOFTBANK GROUP CORP. -0.25% 7088 End-of-day quote.-12.04%
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Financials
Sales 2022 5 953 B 54 181 M 54 181 M
Net income 2022 1 045 B 9 513 M 9 513 M
Net Debt 2022 13 879 B 126 B 126 B
P/E ratio 2022 12,8x
Yield 2022 0,63%
Capitalization 12 142 B 111 B 111 B
EV / Sales 2022 4,37x
EV / Sales 2023 4,21x
Nbr of Employees 58 786
Free-Float 47,1%
Chart SOFTBANK GROUP CORP.
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 15
Last Close Price 7 088,00 JPY
Average target price 11 336,00 JPY
Spread / Average Target 59,9%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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