Internet and technology group SoftBank has sold 57 million shares in South Korea-based e-commerce platform operator Coupang, which went public in March this year, for approximately $1.69bn in total.
The sale valued the shares at about $29.69 each, below the IPO price of $35.00. SoftBank will hold approximately 568 million shares in the company after the transaction.
Founded in 2010, Coupang operates an online marketplace that delivers diversified consumer goods to users on the day of purchase. It floated on the New York Stock Exchange (NYSE) in a $4.55bn initial public offering in which 100 million shares were issued by Coupang and 20 million were sold by its investors.
SoftBank had paid $1bn in 2015 to acquire a 20% stake in Coupang before injecting an additional $2bn three years after, reportedly valuing the company at $9bn.
Coupang’s other pre-IPO backers include Sequoia Capital, BlackRock Private Equity Partners, Wellington Management Company, Greenoaks Capital Management, LaunchTime and Rose Park Advisors’ Disruptive Innovation Fund.
