Coupang, backed by SoftBank, targets $ 58 billion valuation on IPO

(Reuters) – South Korean firm Coupang Inc, backed by SoftBank Group Corp, targets a valuation of more than $ 58 billion when it debuts on the US stock market, after the e-commerce giant raised the range on Tuesday price of its offer.

In a regulatory filing, Coupang said he would set his bid at between $ 32 and $ 34 per share, well above its previous range of $ 27 and $ 30 per share.

At the top of the new lineup, Coupang will raise up to $ 4.08 billion, making it the largest IPO in the United States this year.