Luckin Coffee, a Chinese coffee retailer offering pick-up and delivery via a mobile app, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $250 million.
The Xiamen, China-based company was founded in 2017 and booked $195 million in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol LK. Luckin Coffee filed confidentially on February 22, 2019.Credit Suisse, Morgan Stanley, CICC and Haitong International are the joint bookrunners on the deal. No pricing terms were disclosed.
