Starbucks' China challenger Luckin Coffee is preparing for its public debut Friday on the Nasdaq.
The start-up is trying to overtake Starbucks as the coffee chain with the largest presence in China.A logo of Luckin Coffee is seen at a store in Beijing.Luckin Coffee will likely price its initial public offering at the high end of its expected range, or possible above that, a source with knowledge of the deal told CNBC on Thursday.
The Chinese coffee company's expected range was $15 to $17 per share, according to a regulatory filing last week. Luckin plans to list Friday on the Nasdaq with the ticker "LK.""Not since the dotcom bubble of 1999-00 has a company achieved a $3 billion public valuation less than two years after its launch," said Kathleen Smith, a principal at Renaissance Capital, which tracks and invests in IPOs.
In 2018, the chain reported net sales of $125.3 million and a net loss of $241.3 million. To cover its losses and pay for its ambitious expansion plans, Luckin has raised $550 million so far, according to Crunchbase.
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