South Korean e-commerce giant Coupang Inc. rose 41% in its trading debut after delivering the biggest U.S. initial public offering since Uber Technologies Inc.
Coupang, whose biggest backer is conglomerate SoftBank Group Corp., opened trading in New York Thursday at $63.50 a share, an 81% jump from the price in its upsized $4.6 billion IPO Wednesday. That briefly gave the company a market value of more than $100 billion. The shares closed at $49.25, valuing Coupang at about $84 billion.
The offering by Coupang further accelerated the pace of IPOs on U.S. exchanges this year, elevating the total raised to more than $114 billion, compared with $180 billion in all of last year, itself a record, according to data compiled by Bloomberg.