Korean E-Commerce Giant Coupang Skyrockets on IPO
South Korean e-commerce leader Coupang (NYSE: CPNG) kicked off its IPO on Wednesday. Management initially priced the shares in a range of $27 to $30, but as a result of strong investor interest, it bumped the price range to $32 to $34 per share. Even that wasn't enough, as Coupang eventually priced its shares at $35, above the high end of its revised range.
Shares began trading at approximately 12:27 p.m. EDT at $63.50, gaining as much as 83% in the minutes following its debut. As of this writing, the stock is up 48% to about $51.85.
Image source: Getty Images.
Source Fool.com
