The IPO market will take center stage as SoftBank-supported Coupang (CPNG) goes public through a highly-anticipated deal that will initiate on the NYSE. The company, which can be viewed as South Korea’s version of Amazon (AMZN), has drawn plenty of interest for its IPO. This solid investor demand is shown by the elevated expected price range of $32-$34, up from the original projection of $27-$30. At the high end of the modified price range, CPNG would command a market share north of $58 billion. However, we estimate that the IPO will open for trading well over its IPO price, garnering a much heftier valuation. Even before driving into CPNG’s financials, it’s easy to understand their hype surrounding this IPO. As South’s Korea’s leading eCommerce company, CPNG is a direct play on the strong online shopping secular trend that speeded up during the pandemic. With the biggest number of SKUs on its platform than any other eCommerce platform in Korea, ranging from electronics to groceries, CPNG provides a convenient one-stop shop for clients. Through its “Coupang Eats” business, the company is also benefiting from the same surge in food delivery that US counterparts DoorDash (DASH) and Uber Eats (UBER) have recently experienced. This facet, though, probably is not as much of a draw to investors as it was a couple months ago. As DASH’s disappointing 1Q21 and FY21 guidance illustrated, a sharp slowdown in food delivery may be forthcoming this year due to the availability of vaccines and the lifting of business restrictions.