Luckin Coffee Inc., a China-based company that has quickly become a key competitor to Starbucks Corp. in that country, has filed the paperwork for an initial public offering.
The company has not yet determined how many shares it will offer, but used the placeholder sum of $100 million in a regulatory filing. Luckin has applied to trade on Nasdaq under the ticker symbol “LK.”
Credit Suisse, Morgan Stanley, CICC and Haitong International are lead underwriters on the deal.
Luckin Coffee, which is based in Fujian, China, was incorporated just two years ago in June 2017 and began operations in October of that year. In the 18 months since then, it has grown from a single trial store in Beijing to 2,370 wholly-owned stores in 28 cities. Its customer base totaled 16.8 million “transacting” consumers as of March 31, according to its prospectus.
“Our mission is to be part of everyone’s everyday life, starting with coffee,” says the prospectus.