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Coupang follows Roblox to a strong first day of trading


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Welcome back to This Week inu00a0Apps,u00a0the weekly TechCrunch seriesu00a0that recaps the latest in mobile OS news, mobile applications and the overall app economy. The app industry is as hot as ever, withu00a0a recordu00a0218 billion downloads and $143 billion in global consumer spend in 2020. Consumers last year alsou00a0spentu00a03.5 trillion minutes using apps on Android devices […]n”,”protected”:false,”author”:2414667,”featured_media”:2061867,”comment_status”:”open”,”ping_status”:”closed”,”sticky”:false,”template”:””,”format”:”standard”,”meta”:”outcome”:””,”status”:””,”crunchbase_tag”:0,”amp_status”:””,”relegenceEntities”:[],”relegenceSubjects”:[],”carmot_uuid”:”bab65bb7-2d89-3717-94a6-7fa6f1a41303″,”categories”:[449557102,17396],”tags”:[641922,11349853,5247686,291,449557101,20054,21,81,324281,120,77847,576701260],”crunchbase_tag”:[],”tc_stories_tax”:[],”tc_ec_category”:[],”tc_event”:[],”jetpack_featured_media_url”:”https://techcrunch.com/wp-content/uploads/2020/10/this-week-in-apps-splash-2.png”,”shortlink”:”https://tcrn.ch/3qICbx7″,”rapidData”:”pt”:””,”pct”:””,”premiumContent”:false,”premiumCutoffPercent”:1,”featured”:false,”subtitle”:””,”seoTitle”:””,”seoDescription”:””,”tc_cb_mapping”:[],”associatedEvent”:null,”event”:null,”authors”:[2414667],”hide_featured_image”:false,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts/2124503″],”collection”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts”],”about”:[“href”:”https://techcrunch.com/wp-json/wp/v2/types/post”],”replies”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/comments?post=2124503″],”version-history”:[“count”:6,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2124503/revisions”],”predecessor-version”:[“id”:2124859,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2124503/revisions/2124859″],”authors”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/2414667″],”https://techcrunch.com/edit”:[“href”:”https://techcrunch.com/wp-admin/post.php?post=2124503&action=edit”],”author”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/2414667″],”wp:featuredmedia”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/media/2061867″],”wp:attachment”:[“href”:”https://techcrunch.com/wp-json/wp/v2/media?parent=2124503″],”wp:term”:[“taxonomy”:”category”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/categories?post=2124503″,”taxonomy”:”post_tag”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tags?post=2124503″,”taxonomy”:”_tc_cb_tag_taxonomy”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/crunchbase_tag?post=2124503″,”taxonomy”:”tc_stories_tax”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_stories_tax?post=2124503″,”taxonomy”:”tc_ec_category”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_ec_category?post=2124503″,”taxonomy”:”tc_event”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_event?post=2124503″],”curies”:[“name”:”wp”,”href”:”https://api.w.org/rel”,”templated”:true],”_embedded”:{“authors”:[“id”:2414667,”name”:”Sarah Perez”,”url”:””,”description”:””,”link”:”https://techcrunch.com/author/sarah-perez/”,”slug”:”sarah-perez”,”avatar_urls”:”24″:”https://secure.gravatar.com/avatar/5225bb627e112543aa03bf3b2958be3f?s=24&d=identicon&r=g”,”48″:”https://secure.gravatar.com/avatar/5225bb627e112543aa03bf3b2958be3f?s=48&d=identicon&r=g”,”96″:”https://secure.gravatar.com/avatar/5225bb627e112543aa03bf3b2958be3f?s=96&d=identicon&r=g”,”links”:”facebook”:”http://www.facebook.com/sarahperez”,”twitter”:”https://twitter.com/sarahintampa”,”linkedin”:”http://www.linkedin.com/in/sarahintampa”,”crunchbase”:”https://www.crunchbase.com/person/sarah-perez”,”position”:”Reporter”,”cbDescription”:”

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Another day brings another public debut of a multibillion-dollar company that performed well out of the gate.n

This time it’s Coupang, whose shares are currently up just over 46% to more than $51 after pricing at $35, $1 above the South Korean e-commerce giant’s IPO price range. Raising one’s range and then pricing above it only to see the public markets take the new equity higher is somewhat par for the course when it comes to the most successful recent debuts, to which we can add Coupang.n

The company’s mix of rapid growth and slimming deficits appear to have found an audience among public money types, so let’s quickly explore the price they paid. What was the company worth at its IPO price, and what is worth now? And, of course, we’ll want to calculate revenue run rates for each figure.n

Oh u2014 we’ll also need to calculate how much money SoftBank made. Inverted J-Curve indeed!n

Coupang’s IPO and current valuen

As Renaissance Capital notes, Coupang boosted its share allocation to 130 million shares from 120 million. This made the value of both primary and secondary shares in its public offering worth a total of $4.55 billion. That’s a lot of damn money.n

At its IPO price of $35, the same source pegged the company’s fully diluted IPO valuation at $62.9 billion. By our accounting, the company’s simple valuation at its IPO price came to $60.4 billion. Those numbers are close enough that we’ll just stick with the diluted number out of kindness to the company’s fans.n

Doing some quick math, Coupang is worth around $92 billion at the moment. That’s a huge number that nearly zero companies will ever reach. Some do, of course, but as a percentage of startups that start, it’s an outlier figure.



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