Chinese Starbucks Rival Luckin Coffee Starts Work on U.S. IPO

Luckin Coffee, the ambitious Chinese startup rolling out thousands of stores to take on Starbucks Corp., is beginning preparations for a U.S. initial public offering that could raise around $300 million, people with knowledge of the matter said.

The company is working with Credit Suisse Group AG on the deal, which could take place as soon as the second quarter, according to the people. Luckin could add more banks at a later stage, the people said, asking not to be identified because the information is private.