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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Starting today, Coupang employees are eligible to sell some of their shares, the start of a series of early expirations for lock-up clauses that could add 208mn (12% of total S/O) to the float over the next three months. How much comes into the market depends on whether the share price remains above the IPO price (c. 3% eligible sold by employees) or is 33% higher (c. 9% eligible, sold by strategic shareholders). We expect Vision Fund to be a seller if the share price remains elevated but a 14% decline over the last few days means that may not be a sure thing.  </p>

Starting today, Coupang employees are eligible to sell some of their shares, the start of a series of early expirations for lock-up clauses that could add 208mn (12% of total S/O) to the float over the next three months. How much comes into the market depends on whether the share price remains above the IPO price (c. 3% eligible sold by employees) or is 33% higher (c. 9% eligible, sold by strategic shareholders). We expect Vision Fund to be a seller if the share price remains elevated but a 14% decline over the last few days means that may not be a sure thing.  

Coupang - A Summary of Early Lock-Up Expirations