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Luckin Coffee's stock soars in its debut, as it opens nearly 50% above its IPO price

Tomi Kilgore

Luckin Coffee Inc.'s stock debuted with a bang on the Nasdaq, as it opened nearly 50% above its initial public offering price. The first trade was at $25 at 11:08 a.m. Eastern for 5.0 million shares, 47% above the $17 IPO price, as the China-based coffeeshop chain raised $561 million. The stock has extended gains since, to trade 51% above its IPO price. At the IPO price, which priced at the top of the expected range, the company, known as the Starbucks of China, had a market capitalization of $3.9 billion. The company went public at a time the Renaissance IPO ETF has rallied 34% year to date, while the S&P 500 has advanced 15%.