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Stanley Druckenmiller, Bill Ackman are among the big early investors in hot IPO Coupang


Stanley Druckenmiller (L), and Bill Ackman

CNBC

South Korean e-commerce large Coupang, which soared in its Wall Street debut, acquired early backing from a pair high-profile investors: Stanley Druckenmiller and Bill Ackman.

Coupang, dubbed the Amazon of South Korea, almost doubled from its preliminary public providing worth of $35 per share shortly after Thursday’s noon open on the New York Stock Exchange.

The inventory later pared these features and closed up virtually 41% at $49.25 per share, giving Coupang a market capitalization of $84.5 billion.

Druckenmiller, the billionaire CEO of the Duquesne Family Office, has been a longtime, pre-IPO investor in the Seoul-based firm, Kevin Warsh, an advisor to Druckenmiller, instructed CNBC’s Becky Quick. Warsh, a former Federal Reserve governor, joined the board of Coupang in 2019. Warsh owns a complete 280,662 shares of Coupang, in line with a submitting with the Securities and Exchange Commission.

Ackman, the billionaire who runs the Pershing Square Capital Management hedge fund, invested personally in Coupang, a supply near the state of affairs instructed CNBC. It’s unclear when that funding was made. But a Reuters report in 2014 mentions Ackman as an investor.

Coupang raised $4.6 billion in its IPO, the largest one in the U.S. thus far this 12 months. The firm offered 130 million shares at $35 apiece Wednesday night, above its goal vary of $32 to $34.

The firm was based in 2010 by Bom Kim, who continues to function CEO. Other investors embody Masayoshi Son’s SoftBank Group.

“When we talk about Coupang, what it is, it is Amazon but it is Amazon with a UPS connected to it, with DoorDash, with Instacart, with a bit of sprint of Netflix and that is all integrated on this technology platform with an extreme degree of customer centricity,” stated Lydia Jett, an funding associate at SoftBank’s Vision Fund and a member of Coupang’s board since 2018.

SoftBank’s Vision Fund owns a couple of third of Coupang, having invested billions of {dollars} into the firm. In an interview on CNBC’s “Squawk Alley,” Jett stated it did not take lengthy to understand Kim is a top-notch founder worthy of backing.

“When I met Bom and spent three days in Seoul with him, I was blown away by the level of customer understanding and the customer centricity of his company, the innovation that was taking place,” Jett stated. “It was clear to me that this company was doing something radically different from its competition and the customers were responding,” she added. “You can see that in the numbers of the company.”

Coupang’s complete income was $12 billion in 2020, up almost 91% from the earlier 12 months. It registered an working lack of $527.7 million in 2020 — down 18% from 2019 and down almost 50% from 2018.

The firm was ranked No. 2 on the CNBC Disruptor 50 listing final 12 months.



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