Starbucks' China challenger Luckin raises $561 million in U.S. IPO via ReutersJF HarryBrumpton julie_zhuli
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 range and sold more shares than planned in the biggest U.S. float by a Chinese firm this year.
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.The IPO comes as Chinese-U.S. trade tensions involving tit-for-tat tariffs rattle global financial markets. In total, Chinese firms have raised $619 million in U.S. IPOs so far this year, down sharply from $3.7 billion in the same period in 2017, Refinitiv data showed.
The coffee chain, co-founded in June 2017 by Chief Executive Qian Zhiya, plans to primarily use the IPO proceeds for store network expansion, customer acquisition, marketing, research and development.
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