NEW YORK -- Coffee chain Luckin opened its first day of public trading Friday nearly 50% higher on the Nasdaq after an upsized initial public offering raised $561 million, reflecting a bullish outlook on Starbucks' China challenger.
Luckin started trading at $25 after the company priced its shares at $17, the high end of its expected range. The stock peaked at $25.96 before falling back to $20.38 at market close. The Chinese homegrown chain, which is burning through cash to achieve rapid expansion, first filed for a $100 million IPO but raised the target to $510 million. It ended up selling 33 million American depositary shares, three million more than planned.