The Seoul-based e-commerce company, often dubbed the Amazon of South Korea, opened for trading at $63.50 after pricing at $35 earlier on Thursday. Coupang was expected to price in a range between $32 and $34 a share. Shares trade under the ticker CPNG.
The $35 per share pricing gave the SoftBank Group Corp.-backed Coupang a $60 billion valuation, up from the $9 billion valuation received during a funding round in 2018. SoftBank's Vision Fund owns an approximately 35% stake.
Coupang raised $4.6 billion through its U.S. initial public offering, making it the biggest of this year. Dating app Bumble Inc. raised $2.15 billion from its February debut.
Coupang, which has a 19% market share in South Korea, offers customers next-day delivery for every order. Other service features include boxless/zero packaging and frictionless returns.
The company's net loss narrowed to $567.6 million last year, down from $770.2 million in 2019. Net revenue rose 92% year over year to $11 billion.
Goldman Sachs, Allen & Co, JPMorgan and Citigroup were lead underwriters for the offering.