Chinese tech-driven coffee chain Luckin Coffee filed for an initial public offering with the US Securities and Exchange Commission with a placeholder amount of US$100 million, according to its filing.
The Starbucks challenger intends to go public on the Nasdaq and trade under the symbol LK.
Photo credit: Luckin Coffee
The move follows Luckin Coffee’s latest funding of US$150 million, which boosted its valuation to roughly US$2.9 billion. In November 2018, it raised US$200 million in a funding round led by investors including Singapore sovereign wealth fund GIC and China International Capital Corp.
The Tencent-backed startup recently announced plans to open 2,500 cafes this year to reach a total of 4,500, effectively beating out Starbucks as China’s largest coffee chain.
Editing by Charmaine de Lazo
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