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March 14, 2021

This Company's Hot Shares On The NYSE

 South Korean e-commerce giant Coupang was listed on the New York Stock Exchange (NYSE) yesterday, making its founder, Bom Kim, a tycoon.

The company's shares soared as they began trading, seeing Coupang's shares worth more than US $ 8.6 billion.

Coupang’s listing in the United States (US) market is the largest by an Asian company since Alibaba in 2014.

Although the company is still at a loss, its turnover doubled last year following an increase in online purchases following the Covid-19 pandemic.

Coupang’s share price jumped 41% during its first appearance on the NYSE and is the largest U.S. initial public offering (IPO) since Uber in 2019.

Coupang is often referred to as the South Korean Amazon. Coupang, backed by Japanese multinational SoftBank, said the firm would reward warehouse staff and 15,000 full -time delivery workers.

"We are very fortunate to have demand from many great investors and we do not have the space to accommodate many great investors out there," said Kim, who is also Coupang's chief executive.

Born in Seoul, Kim immigrated to the U.S. as a teenager and has U.S. citizenship.

After deciding to drop out of Harvard Business School, Kim returned to South Korea and founded Coupang in 2010.

Coupang is also investing in new business areas such as food delivery and streaming services.

Despite Coupang's soaring popularity, the company faced criticism after reports of deaths emerged among logistics and delivery staff working overtime.