Chinese coffee chain startup Luckin Coffee Monday filed for an initial public offering with the U.S. Securities and Exchange Commission, seeking to raise as much as $100 million on the Nasdaq.
To list under the symbol “LK,” Luckin Coffee has yet to release any information about pricing and valuation.
The fast-expanding coffee chain said last week it completed a new round of funding from investors led by BlackRock, bringing in $150 million to boost its total valuation to $2.9 billion.
To compete with Starbucks and expand its market share, Luckin prioritizes delivery and offers steep discounts and easy-to-use mobile-app ordering.
In 2018, Luckin booked total revenue of 841 million yuan ($125 million) with a net loss of 1.6 billion yuan. The loss reached 552 million yuan in the first three months 2019.