Luckin Coffee, China’s aspiring Starbucks rival, serves up a hot U.S. IPO [Toronto Globe and Mail (Ontario, Canada)]
Luckin Coffee Inc. (LK)
Last luckin coffee inc. earnings: 11/13 06:00 am
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Source: Toronto Globe and Mail
Luckin Coffee, China’s aspiring Starbucks rival, serves up a hot U.S. IPO Shares of Luckin Coffee Inc surged as much as 52.7 per cent in their market debut on Friday, indicating strong investor demand for the self-declared challenger to Starbucks Corp in China. The company raised around $561 million after pricing its offering at the top of the anticipated price range, giving it a market value of $4.2 billion, in the biggest U.S. float by a Chinese firm this year. The IPO gives Luckin more firepower and exposure to fuel its ambitious plan of overtaking Starbucks in China this year as the largest coffee chain by number of outlets. Story continues below advertisement “For us, brand is very, very important. If you’re a listed company, particularly in the U.S., that will elevate your brand even further than what it is today. So (the IPO) helps us with branding,” Chief Financial Officer Reinout Schakel said in an interview at the Nasdaq. The stock opened at $25, well above its IPO price of
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