Flash Report /
South Korea

Coupang could list its payments unit after Kakao Pay's stellar IPO

  • South Korea's payments app Kakao Pay's shares doubled on its debut, which could encourage other tech firms to list

  • We raise our target price for Coupang by 5% due to the prospect of a separate listing of its payments unit CouPay

  • Coupang may be 14% undervalued if one takes CouPay's implied valuation, which shows clear upside from a separate listing

Coupang could list its payments unit after Kakao Pay's stellar IPO
Nirgunan Tiruchelvam
Nirgunan Tiruchelvam

Head of Consumers Equity Research

Tellimer Research
5 November 2021
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