IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Coupang (CPNG US): Going Mano E Mano with JD.com

Coupang: Early Lockup Releases & Local Regulatory Risks

Coupang IPO Initiation: Delivering the Goods

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/coupang" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a> is the largest e-commerce platform in South Korea, according to Euromonitor. Coupang is best known for Rocket Delivery, which provides free, next-day delivery for orders placed any time of the day.</p></div><div><p>Coupang has priced its IPO at $35 per share, above the previously upsized IPO price range of $32-34 per share. The number of the offer shares has increased from 120 million to 130 million shares due to a 10 million shares increase in the secondary tranche. At the final IPO price of $35 per share, Coupang will have a market cap of $60 billion. </p></div><div><p>In <a href="https://www.smartkarma.com/insights/coupang-ipo-initiation-delivering-the-goods" target="_blank" data-smartkarma-citation="insights:48125" rel="noopener">Coupang IPO Initiation: Delivering the Goods</a>, we opined that Coupang's fundamentals tick all the right boxes and worth a look, in our view. In <a href="https://www.smartkarma.com/insights/coupang-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:48708" rel="noopener">Coupang IPO: Valuation Insights</a> we noted was attractively priced for its growth potential vs global e-commerce peers at the original IPO price range of $27-30 per share. In <a href="https://www.smartkarma.com/insights/coupang-ipo-upsized-deal-size" target="_blank" data-smartkarma-citation="insights:48991" rel="noopener">Coupang IPO: Upsized Deal Size</a>, Coupang remained attractive at the upsized IPO price range of $32-34 per share.</p></div><div><div class="content-highlight"><p>Updating for the final IPO net raise, our base-case DCF derived price target of $39.46 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price has reasonable upside potential. </p></div></div>

Coupang (CPNG US) is the largest e-commerce platform in South Korea, according to Euromonitor. Coupang is best known for Rocket Delivery, which provides free, next-day delivery for orders placed any time of the day.Coupang has priced its IPO at $35 per share, above the previously upsized IPO price range of $32-34 per share. The number of the offer shares has increased from 120 million to 130 million shares due to a 10 million shares increase in the secondary tranche. At the final IPO price of $35 per share, Coupang will have a market cap of $60 billion. In Coupang IPO Initiation: Delivering the Goods, we opined that Coupang's fundamentals tick all the right boxes and worth a look, in our view. In Coupang IPO: Valuation Insights we noted was attractively priced for its growth potential vs global e-commerce peers at the original IPO price range of $27-30 per share. In Coupang IPO: Upsized Deal Size, Coupang remained attractive at the upsized IPO price range of $32-34 per share.Updating for the final IPO net raise, our base-case DCF derived price target of $39.46 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price has reasonable upside potential. 

Coupang

Coupang IPO: Trading Debut