Deals
Luckin Coffee Seeks to Raise Up to $510 Million in U.S. IPO
- Chinese Starbucks rival could be valued at about $4 billion
- Company $241 million loss was almost double its 2018 revenue
Customers sit at tables at a Luckin Coffee shop in Beijing.
Photographer: Gilles Sabrie/BloombergThis article is for subscribers only.
Luckin Coffee Inc., the ambitious startup that is challenging Starbucks Corp. in the race to dominate China’s growing coffee culture, is seeking to raise as much as $510 million in its U.S. initial public offering.
The Xiamen-based company said in a filing Monday that it’s planning to sell 30 million American depositary shares for $15 to $17 each. At that range, it would be the sixth largest of the 53 IPOs on U.S. exchanges so far this year, according to data compiled by Bloomberg. It would also top the company’s earlier plan for a $300 million share sale described previously by people familiar with the matter.