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May 17, 2019, 11:17 a.m. EDT

Luckin Coffee's stock soars in its debut, as it opens nearly 50% above its IPO price

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By Tomi Kilgore

Luckin Coffee Inc.'s stock debuted with a bang on the Nasdaq, as it opened nearly 50% above its initial public offering price. The first trade was at $25 at 11:08 a.m. Eastern for 5.0 million shares, 47% above the $17 IPO price, as the China-based coffeeshop chain raised $561 million. The stock has extended gains since, to trade 51% above its IPO price. At the IPO price, which priced at the top of the expected range, the company, known as the Starbucks of China, had a market capitalization of $3.9 billion. The company went public at a time the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -2.50% has rallied 34% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.15% has advanced 15%.

US : U.S.: NYSE Arca
$ 69.40
-1.78 -2.50%
Volume: 594,449
Jan. 26, 2021 8:00p
-5.74 -0.15%
Volume: 2.56B
Jan. 26, 2021 5:17p

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