Coupang, South Korea's largest e-commerce company, made a huge splash on the New York Stock Exchange Thursday in the biggest U.S. IPO so far this year.
The stock surged as much as 81 percent, instantly seeing a surge in its market value to around $109 billion.
Founded in 2010 by Korean-American billionaire Bom Suk Kim,
Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in South Korea.
Its spectacular debut further bolsters the fortunes of Softbank's $100 billion Vision Fund,
which owns a 35% stake in the company, helping it bounce back from an annual loss last March.
Coupang's successful share offering comes as the U.S. IPO market is at its strongest in more than two decades,
and investors flock to buy shares in tech companies that have profited during the global health crisis.
Coupang's IPO surpasses the $2.15 billion raised by dating app Bumble earlier this year.
Analysts in South Korea say the smashing response is thanks to its market-leader position in the country.
According to Euromonitor, Coupang was the top South Korean e-commerce firm in 2020,
and the 10th largest on Earth.