What About Line and Nexon, Which Went Abroad Before Coupang?

[Asia Economy Reporter Song Hwajeong] As Coupang officially announces its listing on the New York Stock Exchange, attention is also turning to other companies that have previously listed overseas, such as Naver Line and Nexon.

Line, a mobile messenger subsidiary of Naver, simultaneously listed on the New York and Tokyo Stock Exchanges in July 2016. At that time, the offering price was $32.84 in the U.S. and 3,300 yen in Japan. By issuing 35 million new shares, it raised approximately $1.3 billion. On the first day of listing, the market capitalization approached 10 trillion won, with prices rising 32.67% in Japan and 26.61% in the U.S. compared to the offering price, generating high expectations. Line also attracted subscription deposits worth 32 trillion won, about 25 times the supply, during the public offering subscription.

Subsequently, Line was delisted at the end of last year due to its merger with Yahoo Japan. It exited the market at $41.58, 27% higher than the offering price.

Nexon listed on the Tokyo Stock Exchange in Japan in 2011. At that time, Nexon issued 420 million shares at an offering price of 1,300 yen. On the first day of listing, it closed at 1,270 yen, below the offering price. The market capitalization was about 8 trillion won on the first day, but it surpassed 20 trillion won in May last year and reached 30 trillion won in December, just seven months later. As of the closing price on the 10th, this is close to the market capitalization of Hyundai Mobis (31.5106 trillion won), ranking 12th in KOSPI market capitalization. It has risen more than 90% over the past year.

Coupang is also expected to grow after its overseas listing. Foreign media have estimated Coupang’s enterprise value at $30 billion to $50 billion (approximately 33 trillion to 55 trillion won). SK Securities projected Coupang’s enterprise value could reach 60 trillion won. SK Securities researcher Yoo Seungwoo said, "Assuming Coupang’s year-over-year growth rate this year is about 9%, estimated from the domestic e-commerce market growth rate, and considering the price-to-sales ratio (PSR) based on the sales estimates of already listed unicorn companies, Coupang is ultimately estimated to be a company valued around 60 trillion won."

This content was produced with the assistance of AI translation services.