Market Overview

Luckin Coffee Opens Above IPO Price

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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.

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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

Posted-In: News IPOs

 

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