Luckin Coffee goes public in $4.2B IPO
May 17, 2019
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Luckin Coffee has reportedly priced its IPO at $17 per share, at the top end of its expected range, raising $561 million in the process. The Chinese coffee company offered 33 million American depository shares, up from its initial plans to sell 30 million shares in the listing. Luckin will now begin trading on the NASDAQ under the symbol LK.
The IPO values Luckin at about $4.2 billion, per Reuters, compared to a reported $2.9 billion valuation that came with a $150 million round of funding just last month. During a rapid rise since its founding less than two years ago, the business has raised cash from the likes of Centurium Capital, BlackRock and Legend Capital.
Luckin has begun a battle for market share in China with Starbucks, which has operated in the country for 20 years. Luckin claimed 2,370 stores across 28 cities in China as of March 31, and it reported a net loss of $241.3 million in 2018.
Related read: Inside China's IPO blitz in the US
The IPO values Luckin at about $4.2 billion, per Reuters, compared to a reported $2.9 billion valuation that came with a $150 million round of funding just last month. During a rapid rise since its founding less than two years ago, the business has raised cash from the likes of Centurium Capital, BlackRock and Legend Capital.
Luckin has begun a battle for market share in China with Starbucks, which has operated in the country for 20 years. Luckin claimed 2,370 stores across 28 cities in China as of March 31, and it reported a net loss of $241.3 million in 2018.
Related read: Inside China's IPO blitz in the US
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