China’s Luckin Coffee Inc. LK made its debut on the Nasdaq Friday morning. Luckin Coffee issued 30 million shares priced at $17, the high end of its original range.
Luckin Coffee shares opened for trade at 11:08 a.m. ET. The stock opened on about five million shares at $25 per share.
The coffee chain has been dubbed the “Starbucks of China.” It's possible the launch of Luckin Coffee could impact coffee rival Starbucks Corporation SBUX performance in the Chinese market.
Starbucks traded around $79 per share at time of publication.
The lead underwriters on Luckin Coffee include Credit Suisse, Morgan Stanley, CICC and Haitong International.
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