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Illustration: Aïda Amer/Axios

Coupang, a South Korean e-commerce giant, raised $4.6 billion in its IPO. It priced shares at $35, above its upwardly revised range, for an initial market cap of $60 billion.

Why it matters: It's the largest U.S. IPO for a foreign issuer since Alibaba in 2014. And that tracks, given that Coupang is most often compared to Alibaba and Amazon (albeit with a smaller target market).

Details: The company reports a $475 million net loss on $12 billion in revenue for 2020, and had raised around $4 billion in private funding from firms like SoftBank Vision Fund, Greenoaks Capital, Maverick Ventures and Sequoia Capital.

The bottom line: "The e-commerce firm was founded by Korean-American billionaire Bom Suk Kim in 2010 and is headquartered in Seoul. It has more than 100 fulfilment and logistics centers in over 30 cities that provide next-day delivery for orders placed before midnight. Coupang employs 15,000 drivers in South Korea for its deliveries and has branched out into other services such as food and grocery delivery." — Saheli Roy Choudhury, CNBC

Go deeper

Biden steps into the breach

Sen. Joe Manchin heads to a meeting with President Biden today. Photo: Kevin Dietsch/Getty Images

President Biden ramped up the pressure on his fellow Democrats Wednesday, calling a series of lawmakers to the White House in the hope of ending infighting and getting them in line.

Why it matters: Divisions within the party are threatening to derail Biden's top priorities. After several weeks of letting negotiations play out, the president is finally asserting his power to ensure his own party doesn't block his agenda.

31 mins ago - Politics & Policy

Scoop: Dems seek new green deal

Rep. Stephanie Murphy. Photo: Chip Somodevilla/Getty Images/Bloomberg via Getty Images

House Democrats discussed with President Biden on Wednesday a plan to exempt billions of dollars of new climate spending from his requirement that his $3.5 trillion "soft" infrastructure plan be offset with additional revenue.

Why it matters: The accounting proposal — a version of "dynamic scoring" — would dramatically lower the amount of taxes Democrats would need to raise while creating wiggle room to increase the ultimate size of the package.

2 hours ago - Health

FDA approves Pfizer boosters for high-risk individuals, people 65 and up

Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Wednesday approved Pfizer-BioNTech coronavirus booster shots for people at high risk of severe COVID-19 and people 65 years and older.

Driving the news: The approval comes just days after an FDA advisory panel recommended boosters for the two groups but overwhelmingly voted against the third shots for younger Americans.