Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Coupang IPO and Softbank Group - A Vision Fund Jewel Emerges but It Is Pricey

Coupang - Slightly Raises IPO Price Range & The "First Day Pop"

Carbon Footprint of Freight Transportation and Logistics and Other ESG Issues

Equity Capital Markets

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In this insight, we provide the updated IPO terms (including pricing levels) of the Coupang IPO as well as the impact on the valuations. Plus, we discuss the potential for Coupang to eventually spin off its logistics business just like JD.com/JD Logistics.
In our view, there is a higher upside for the JD Logistics IPO versus Coupang IPO (based on the initial market cap valuation of $40 billion for JD Logistics and $48.4 billion for Coupang.
Our base case valuation upside for Coupang is 22%. Our base case valuation upside for JD Logistics is 43%.
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In this insight, we provide the updated IPO terms (including pricing levels) of the Coupang IPO as well as the impact on the valuations. Plus, we discuss the potential for Coupang to eventually spin off its logistics business just like JD.com/JD Logistics.
In our view, there is a higher upside for the JD Logistics IPO versus Coupang IPO (based on the initial market cap valuation of $40 billion for JD Logistics and $48.4 billion for Coupang.
Our base case valuation upside for Coupang is 22%. Our base case valuation upside for JD Logistics is 43%.


Coupang: Will It Eventually Spin-Off Its Logistics Business Just Like JD.com/JD Logistics?