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<Editor's Pick>18 months - crazy Luckin breaks the world's fastest IPO record
Creating a record does not mean creating value.
On the evening of May 17, Luckin Coffee was officially listed on NASDAQ. The opening price of the first day was $25/ADS, which was 48% higher than the issue price of $17/ADS. After the opening bell, its market value once approached $6 billion. Before the IPO, Luckin Coffee was valued at US$2.9 billion.
It’s just 17 months since the startup opened its first store, and it’s just 24 days after it submitted its prospectus.
Since its inception, the most controversial thing about Luckin is also its crazy "speed." After its establishment, Luckin expanded its offline stores on a large scale, and using frequent, high subsidy and offline marketing to acquire consumers. Its store opening speed is far faster than the coffee giants that have entered the Chinese market for nearly 20 years, and there are signs that the scale of Luckin is going to overtake it. According to the prospectus, Luckin is still in a loss state.