SEOUL, March 11 (Yonhap) — South Korean e-commerce giant Coupang Inc. on Thursday said its initial public offering price was set at US$35 per share, paving the way for the company to raise $4.5 billion with its value at some $63 billion upon its landmark debut on the New York Stock Exchange (NYSE).

The IPO price was higher than a proposed range of $32 to $34 per share.

The company said its stocks will begin trading Thursday (New York time). The IPO process will be legally completed by March 15 (New York time), the company said.

 “Considering Coupang’s growth potential and expandability, ($35) is below the company’s value, despite its current deficits and the market competitiveness,” said NH Investment & Securities researcher Lee Ji-young.

The popularity of customer-to-customer services in the local e-commerce industry would provide lucrative opportunities for the e-commerce behemoth in shipping, advertising and consulting, she said.

Brokerage experts also expected the U.S. IPO would help Coupang secure funds to broaden its grip on fashion, beauty and home appliances, sectors that have had relatively low competition in the fast-growing e-commerce environment.

Last year, Coupang registered revenues of about $11.97 billion, nearly double from $6.27 billion a year ago, according to the documents submitted by Coupang. Net losses stood at $474.9 million in 2020, down from the previous year’s $699 million.