Coupang's No. 2 shareholder unloads over $1 bn shares

Coupang Inc.'s second-largest shareholder Geenox Capital sold about 1.6 trillion won ($1.4 billion) worth of shares in the South Korean e-commerce platform last week, according to investment banking sources.  

On Dec, 15, Greenox unloaded 50 million common Class A shares in Coupang, which accounted for 3.3% of the company's common shares outstanding,

Including the latest divestment, Greenox has reduced its stake in the e-commerce player to 9.71% from 16.6% in four rounds of share selling since August of this year. Proceeds from the stock sales totaled 4.6 trillion won.

In September, Vision Fund, led by SoftBank Group founder Masayoshi Son, sold one-tenth of its shares in the Korean e-commerce giant for $1.69 billion. The divestment followed a heavy lockup release that began in the same month.

Coupang became the first Korean company to directly list on the New York Stock Exchange in March this year. But its shares fell to the lowest level of $25.06 in late November due to stock overhang concerns.

Its shares are now quoted at $29.52 apiece, still below its initial public offering price of $35.

insight@hankyung.com

Yeonhee Kim edited this article.