In brief: Luckin Coffee set for $4b valuation in today’s IPO

• Luckin Coffee today announced the pricing of its IPO of 33,000,000 American Depositary Shares at US$17.00, giving the Chinese startup a market valuation of roughly US$4 billion. It’s raising US$561 million.
• Started less than two years ago, the loss-making Starbucks challenger focuses on deliveries and pickups, all of which are done via an app. There’s no cash or cashiers at its thousands of stores across China.
• Luckin debuts today on the NASDAQ.

Source: Press release