Report
Sumeet Singh
EUR 88.49 For Business Accounts Only

Coupang lock-up expiry

Coupang, one of the largest e-commerce players in Korea, was listed on 11th Mar 2021 when it raised around US$4.5bn via selling a mix of primary and secondary shares in its US IPO. In this note, we'll talk about the upcoming lock-up expiry.

We covered the IPO across a series of note, links to which are below:
Coupang Pre-IPO - Fast Growth, sticky customers but horrendous data disclosures, including no mention of OTT launch,
Coupang Pre-IPO - Fair bit of competition but it's doing better than most local peers,
Coupang Pre-IPO - Earnings forecast and valuation,
Coupang IPO -Momentum Play, Unequal lock-up, Index inclusion
Coupang IPO - Quick Note - Peers Move Down, Range Moves Up. Ripe for Trading, and
Coupang IPO Trading - Most Hit near Term Peak on the First Day - Key Trading/​Lock-Up Dates
Underlyings
SoftBank Corp.

SoftBank Group Corp.

SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.

Provider
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Analysts
Sumeet Singh

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