Insight - Coupang’s IPO shows US is king of tech listings

Big float: Eco-bags carrying fresh food are laser scanned on a conveyor belt at a Coupang Corp fulfillment centre in Bucheon, South Korea. Coupang is seeking to raise up to US$3.6bil in its IPO and could garner a value of more than US$50bil. ─ Bloomberg

SOUTH Korean e-commerce giant Coupang Inc’s is on track to be the largest listing by a Korean company in a decade. And, like most of the major tech offerings these days, it’s happening in New York.

There are three big reasons that explain why the United States is a better pick for the e-tailer backed by SoftBank Group Corp’s Masayoshi Son. Perhaps, most significantly, New York offers a considerable valuation premium. It also has a deeper, more liquid market, and allows uneven voting rights that would benefit Coupang’s founder, Harvard Business School drop-out Bom Kim.