Luckin Coffee is looking at U.S IPO
Feb 02, 2019 (China Knowledge) - Local Chinese startup, Luckin Coffee is said to begin preparations for a U.S. initial public offering. People with knowledge of matter said it is looking at raising around $300 million.
According to the people, Credit Suisse Group AG oversees the deal that is likely to take place as second quarter. The coffee may add another bank at a later stage.
In 2019, Luckin is set at rolling out additional 2,500 stores. Last year, during it’s first year of operation, the company had opened about 2,000 outlets.
Luckin is captizing on providing convenience and affordability to attract urban office workers. The firm also provides prioritizied delivery and secured partnership with internet giant Tencent Holdings Ltd.
Representatives for Luckin and Credit Suisse declined to comment.
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