Korean e-commerce giant Coupang is preparing for an initial public offering as early as 2021, according to industry sources on Thursday.
Citing anonymous officials, Bloomberg reported that Coupang has begun gearing up for an IPO, starting with tax structuring.
Established in 2010 by CEO Kim Bom, Coupang was valued at $9 billion at the end of 2018. Amid rumors that the SoftBank-backed company would go public, Kim said he had mulled the option -- the “most difficult” in his career -- in an interview with an American broadcaster last month.
Coupang CEO Kim Bom (Coupang)
Coupang has reportedly seen its sales increase by more than 60 percent on-year in 2019. It had over $10 billion in gross merchandise value on its platform as of Dec. 31, industry sources said.
According to Coupang, Korea’s e-commerce market is the fifth-largest in the world and is expected to become the third-largest by 2021, after China and the US.
By Jo He-rim (email@example.com