Luckin Coffee files for US IPO

Beijing-based company charts ambitious plan to take on bigger rival Starbucks

Beijing-based Luckin Coffee Inc, the ambitious coffee chain startup that is challenging Starbucks in China, filed for an initial public offering with the US Securities and Exchange Commission on Monday.

The coffee unicorn said it plans to raise around $300 million from the IPO on Nasdaq, according to a report from Bloomberg in February. Last week, Luckin raised $150 million from BlackRock and other investors at a valuation of $2.9 billion.