By Xu Aiying and Kim Minji

Korean e-commerce giant Coupang has attracted foreign media attention after announcing on Feb. 12 its plans to list on the New York Stock Exchange through a filing with the U.S. Securities and Exchange Commission (SEC).

The Wall Street Journal on Feb. 13 said, "Coupang, the Korean e-commerce giant, unveiled its filing for a U.S. initial public offering (IPO) that is expected to be the largest from a foreign company since Alibaba Group Holding Ltd.'s blockbuster 2014 debut."

The Financial Times of the U.K. on Feb. 13 analyzed the Korean e-tailer's performance in its article titled "Coupang almost doubles revenues in a year ahead of U.S. IPO."

Bloomberg in the Feb. 12 article headlined "Coupang files for IPO as Korea heads into boom year" said, "The Seoul-based company revealed a surge in net revenue last year to about USD 12 billion, almost double the USD 6.3 billion it made in 2019, according to a prospectus filed with the U.S. SEC."

It added that this year, Korea's e-commerce market will jump from fifth to third in the world rankings behind only China and the U.S.

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki on Feb. 14 through social media called Coupang's planned IPO "a splendid achievement by a Korean unicorn company."

"If Coupang is listed on the U.S. stock market, it will have huge significance since a Korean unicorn company will have received recognition for its global competitiveness," he said. "This means the growth potential for Korean unicorn companies and non-contact industries is being internationally recognized."

xuaiy@korea.kr