Luckin Coffee surges nearly 50% above IPO price in initial Nasdaq trades
Luckin Coffee is challenging Starbucks’ long-held dominance of China’s freshly-brewed coffee market. It has expanded rapidly in less than two years.Luckin Coffee's stock now indicated to open around $24.25, or 43% above $17 IPO priceMay. 17, 2019 at 11:00 a.m. ETLuckin Coffee's stock indicated to open around $23.50, or 38% above $17 IPO priceLuckin Coffee's stock indicated to open around $22.10, or 24% above $17 IPO priceMay. 17, 2019 at 10:11 a.m. ETU.S.
Luckin Coffee Inc. , a Chinese coffeeshop chain often compared with Starbucks Corp. , increased the number of shares it will sell in its initial public offering and priced them at $17 apiece, according to multiple reports Thursday evening. CNBC, Reuters, Bloomberg News and Renaissance Capital all reported late Thursday that Luckin planned to sell 33 million shares, as opposed to the 30 million previously targeted, at the top of its proposed $15-to-$17 range.
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