Luckin Coffee Opens Above IPO Price
China’s Luckin Coffee Inc. (NASDAQ: LK) made its debut on the Nasdaq Friday morning. Luckin Coffee issued 30 million shares priced at $17, the high end of its original range.
Luckin Coffee shares opened for trade at 11:08 a.m. ET. The stock opened on about five million shares at $25 per share.
The coffee chain has been dubbed the “Starbucks of China.” It's possible the launch of Luckin Coffee could impact coffee rival Starbucks Corporation (NASDAQ: SBUX) performance in the Chinese market.
Starbucks traded around $79 per share at time of publication.
The lead underwriters on Luckin Coffee include Credit Suisse, Morgan Stanley, CICC and Haitong International.
See Also:
What The Luckin Coffee IPO Means For Starbucks
The Luckin Coffee IPO: What You Need To Know
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
