LEGAL | Staff Reporter, China

Luckin Coffee reportedly preparing for U.S. IPO

They are aiming to collect around US$300 million.

Amidst its rollout of stores to take on Starbucks and other coffee giants, Chinese coffee chain Luckin Coffee is reportedly beginning preparations for a U.S. initial public offering (IPO) that could raise around $300 million.

Sources told Bloomberg that the company is working with Credit Suisse Group AG on the deal, which could take place as soon as the second quarter, along with the possibility of adding more banks.

The company opened about 2,000 outlets in 2018, and is spending heavily to roll out 2,500 additional stores this year.

Luckin, most recently valued at $2.2 billion, was earlier reported to planning for an IPO to enter the Hong Kong stock exchange

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