China’s Luckin Coffee on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission.
The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed.
Since inception in June of 2017, the company has expanded from a one store in Beijing to 2,370 stores in 28 cities in China as of March 31 with more than 16.8m transacting customers and a customer repurchase rate in 2018 of more than 54 per cent. Last year, Luckin had net revenue of Rmb840.7m ($125.3m) versus Rmb250,000 in 2017 with a net loss widening to Rmb1.6bn last year from Rmb56.4m. For the first three months of 2019, net revenue was Rmb478.5m from about Rmb13m a year ago with a net loss of Rmb551.8 from Rmb132.2m.
(picture source： wi-q.com）