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FX.co ★ Coupang’s IPO makes its founder third-richest person in South Korea

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Forex Humor:::2021-03-19T16:07:31

Coupang’s IPO makes its founder third-richest person in South Korea

Investment in bitcoin is not the only way to get rich in our time. The initial public offering, or IPO, is also a proven means of making a fortune or increasing it.

The long-awaited IPO of South Korean e-commerce giant Coupang LLC (NYSE: CPNG) has made Bom Kim, the company’s founder, incredibly wealthy. After Coupang went public, Bom Kim's net worth was up to $11.1 billion from $1 billion. Kim has a 10.2% stake in the company he founded in 2010. Eleven years later, his business made him the third-richest person in South Korea. The first and second spots in this list belong to Samsung Electronics Vice President Lee Jae-yong and Hyundai Motor Group Chairman Mong-Koo Chung respectively.

Coupang’s market debut on the New York Stock Exchange turned out to be more than successful. Its shares advanced as high as $69 per share, a 97% rise from the starting price of $35 per share. As a result, the company's market capitalization reached $88.6 billion, which made the competitor of Amazon and Alibaba the most valuable startup in South Korea.

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