|Bid||74.39 x 900|
|Ask||76.69 x 2200|
|Day's Range||75.21 - 76.06|
|52 Week Range||47.37 - 76.95|
|Beta (3Y Monthly)||0.42|
|PE Ratio (TTM)||33.57|
|Forward Dividend & Yield||1.44 (1.94%)|
|1y Target Est||N/A|
China’s Luckin Coffee has registered plans with the SEC to go public on theNasdaq, setting a placeholder amount of $100 million, shows its filing
HONG KONG/BEIJING (Reuters) - Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, filed on Monday for a U.S. initial public offering (IPO) through which, sources said, it is looking to raise up to $800 million. The Beijing-based coffee chain set a placeholder amount of $100 million to indicate the size of the IPO and did not disclose the number of shares it would offer, a filing https://bit.ly/2UtnC0g with the U.S. Securities and Exchange Commission showed. Two people with direct knowledge of the matter told Reuters the startup is potentially looking to raise $500 million to $800 million from the listing which is scheduled to take place in May. An amount raised in that range would make Luckin the biggest U.S. IPO by a Chinese firm so far in 2019, according to Refinitiv data.
Luckin Coffee, the Chinese coffee start-up trying to open up more outlets on the mainland than Starbucks, plans to list in the US in what is shaping up as a banner year for US IPOs. Monday’s filing did not contain details on the number of shares to be sold in the IPO or the proposed price. The fresh cash comes as the company pushes to overtake Starbucks by number of outlets in China.
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The coffee unicorn is said to plan to raise around $300 million in the IPO, Bloomberg News reported in February. Luckin is spending millions of dollars a year opening outlets to unseat Starbucks as China’s top coffee company. Since its inception in June 2017, Luckin has quickly expanded into 2,370 stores in 28 cities, with backing from investors including Singapore sovereign wealth fund GIC Pte and China International Capital Corp. By the end of this year, Luckin aims to become the largest coffee network in China in terms of number of stores.
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The Beijing-based coffee chain set a placeholder amount of $100 million to indicate the size of the IPO and did not disclose the number of shares it would offer, a filing https://bit.ly/2UtnC0g with the regulator showed. Luckin Coffee, expanding at breakneck speed, currently operates 2,370 stores in 28 Chinese cities and plans to open 2,500 new stores this year - displacing Starbucks as China's largest coffee chain in the process. The brand is banking on an increase in coffee consumption in country which, according to a report cited by the Luckin in the prospectus, has grown from 4.4 billion cups annually in 2013 to 8.7 billion last year, with an expectation it will continue to rise to 15.5 billion cups a year by 2023.
Luckin Coffee Inc., a China-based coffee chain, has filed for a U.S. IPO. Luckin is the second-largest coffee brand in that country, according to the filing, with 2,370 company-owned stores. The company is focused on "pick-up" locations, which have limited seating but are located in high-traffic areas like office buildings and college campuses. Nearly all of the company's stores (91.3%) were pick-up locations as of March 31,2019. "We leverage big data analytics and AI to analyze our customer behavior and transaction data, which enables us to continuously enhance our products and services, implement dynamic pricing and improve customer retention," the company says. Starbucks Coffee Corp. has high hopes for its China expansion, with Luckin Coffee serving as one of its biggest challenges in the region. Luckin, which had total revenue of $125.3 million in 2018, plans to trade on the Nasdaq with the symbol "LK." Starbucks, which is scheduled to report fiscal second-quarter earnings on Thursday, had $24.7 billion in global sales last year.
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