Luckin Coffee, China’s unprofitable Starbucks rival, went public today and its shares are soaring
Investors in Luckin Coffee, a Beijing-based company that hopes to topple Starbucks, have grounds for celebration today. Luckin started trading on the Nasdaq, where it opened at $25 a share, well above the company’s IPO price of $17. Luckin’s main offering is its smartphone app, which lets customers purchase coffee for delivery or pickup at nearby locations and gives the company crucial data on regional tastes.
