This story is part of Forbes’ coverage of Korea’s Richest 2021. See the full list here.
After a successful IPO in New York, Coupang’s Bom Kim saw his net worth jump by more than sixfold to $6.4 billion, making him the biggest gainer on this year’s list of Korea’s richest. The listing was the largest Asian company since Alibaba to go public in New York, raising $4.6 billion in its March debut.
Founded by Kim, a Harvard business school dropout, Coupang is now the country’s most valuable startup with a market cap of more than $60 billion. Backed by Softbank’s Vision Fund, which poured $2 billion into the company in 2018, Coupang, dubbed South Korea’s Amazon, expanded across South Korea to provide rapid deliveries, competitive prices and ample stock of household staples. Coupang currently only operates in the South Korean market.
Proceeds from the offering will give it a war chest for potential acquisitions, according to its prospectus. Kim, a U.S. citizen who resides in Seoul, retains the bulk of the company’s voting rights.
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