Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

Coupang: Early Lockup Releases & Local Regulatory Risks

Triggering Point & Timing for Shorting Coupang

Softbank – Froth Exposure on Full Display

Coupang Ups Offer Price Range by 13-19%, As Investors Seem to Ignore The Company's 1P Exposure

Coupang IPO: Initial Thoughts on Rumoured $50.0bn Valuation

Coupang IPO: Significantly Overvalued As a LT Investment & Too Risky To Bet On The Short Term Upside

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/coupang" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a>, the largest e-commerce company in South Korea with $12.0bn in annual revenue and 14.9m in quarterly active customers, priced its IPO at $35.0 per share, above the revised offer price range of $32.0-34.0.Shares opened trading at $63.50 per share (up 81.4% from the IPO price) with a market capitalisation of $108.9bn. As IPO investors cashed in, the share price quickly dropped 20% from the day’s open price to end the day at $49.25 per share, 40.7% above the IPO price.Shares were up 4.5% in afterhours trading.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/193/749/original/image_49038917121615529638970.png?1615529634" class="editor-image img-responsive" data-smartkarma-image-id="193749"></figure><div class="content-caption">Source: Trading View</div>Find below the links to our previous coverage on the Coupang IPO:<ul>
<li><a href="https://www.smartkarma.com/insights/coupang-ipo-not-worth-subscribing-at-rumoured-50-0bn-valuation" target="_blank" rel="noopener">Coupang IPO: Not Worth Subscribing at Rumoured 50.0bn Valuation</a></li>
<li><a href="https://www.smartkarma.com/insights/coupang-ipo-lacks-margin-upside" target="_blank" rel="noopener">Coupang IPO: Lacks Margin Upside</a></li>
<li><a href="https://www.smartkarma.com/insights/coupang-ipo-initial-thoughts-on-rumoured-50-0bn-valuation" target="_blank" rel="noopener">Coupang IPO: Initial Thoughts on Rumoured $50.0bn Valuation</a></li>
<li><a href="https://www.smartkarma.com/insights/coupang-ipo-significantly-overvalued-as-a-lt-investment-too-risky-to-bet-on-the-short-term-upside" target="_blank" rel="noopener">Coupang IPO: Significantly Overvalued As a LT Investment &amp; Too Risky To Bet On The Short Term Upside</a></li>
<li><a href="https://www.smartkarma.com/insights/coupang-ups-offer-price-range-by-13-19-as-investors-seem-to-ignore-the-company-s-1p-exposure" target="_blank" rel="noopener">Coupang Ups Offer Price Range by 13-19%, As Investors Seem to Ignore The Company’s 1P Exposure</a></li>
</ul>

Coupang (CPNG US), the largest e-commerce company in South Korea with $12.0bn in annual revenue and 14.9m in quarterly active customers, priced its IPO at $35.0 per share, above the revised offer price range of $32.0-34.0.Shares opened trading at $63.50 per share (up 81.4% from the IPO price) with a market capitalisation of $108.9bn. As IPO investors cashed in, the share price quickly dropped 20% from the day’s open price to end the day at $49.25 per share, 40.7% above the IPO price.Shares were up 4.5% in afterhours trading.Source: Trading ViewFind below the links to our previous coverage on the Coupang IPO:
Coupang IPO: Not Worth Subscribing at Rumoured 50.0bn Valuation
Coupang IPO: Lacks Margin Upside
Coupang IPO: Initial Thoughts on Rumoured $50.0bn Valuation
Coupang IPO: Significantly Overvalued As a LT Investment &amp; Too Risky To Bet On The Short Term Upside
Coupang Ups Offer Price Range by 13-19%, As Investors Seem to Ignore The Company’s 1P Exposure


Coupang Popped 41% On Trading Debut, But Could Un-Pop As Lock-Up For 34.0m Shares Ends in Six Days