SoftBank poised to reap US$16bil windfall

Potential winner: A Coupang employee delivering fresh food in Bucheon, South Korea. Coupang and its bankers raised the price range of the offering, signalling strong demand for the shares. – Bloomberg

TOKYO: SoftBank Group Corp, the biggest shareholder in Coupang Inc, stands to reap an enormous windfall when the South Korean e-commerce leader goes public this week, giving founder Masayoshi Son further evidence his often-criticised startup bets are paying off.

The Japanese company owns about 35% of the startup and could report an unrealised gain of as much as US$16bil (RM66bil) after Coupang raised the target price range for its initial public offering (IPO).