Luckin Coffee surges nearly 50% above IPO price in initial Nasdaq trades
Luckin Coffee Inc.'s stock LK, +32.59% 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.
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