Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Thursday priced ...
NEW YORK/HONG KONG - Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Thursday priced its U.S. initial public offering at the top end of its targeted price range and sold more shares than planned in the biggest U.S. float by a Chinese firm this year, according to people familiar with the matter.
The pricing values loss-making Luckin, already backed by Singapore’s sovereign wealth fund GIC Pte Ltd and U.S. money manager BlackRock Inc , at about $4.2 billion. Luckin currently operates 2,370 stores across China and plans to open 2,500 more this year with the goal of displacing Starbucks as China’s largest coffee chain.
The brand is banking on increased coffee consumption in China, expected to rise to 15.5 billion cups by 2023 from 8.7 billion last year, according to a report cited by Luckin in its prospectus.
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