Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, is looking to raise...
- Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, is looking to raise up to $586.5 million, its filing with the U.S. Securities and Exchange Commission on Monday showed.
The company said it expects to offer 34.5 million American depository shares priced between $15 and $17 per ADS in an initial public offering, giving it a valuation of between $3.48 billion and $3.95 billion.Luckin Coffee, which has been expanding at breakneck speed, currently operates 2,370 stores in 28 Chinese cities and plans to open 2,500 more this year as it tries to displace Starbucks as China’s largest coffee chain.
Luckin has also expanded outside coffee, allowing customers to buy food and other beverages such as grapefruit cheese jasmine tea and Sichuan cold noodles with pulled chicken via its app. Its recorded a net loss to shareholders of $475.4 million and total revenue of $125.27 million, according to the filing. For the first three months of 2019, it posted a net loss of $85.3 million.
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