China's Luckin Coffee has registered plans with the SEC to become public on Nasdaq and places a $ 100 million placeholder.
Developments come less than a week after the 18-month-old company announced $ 150 million in series B-plus funding, led by private equity firm Blackrock, which pumped $ 125 million into the company in a deal that appreciates Luckin $ 2.9 billion.
As TechCrunch reported on Wednesday, Blackrock also owns an almost 7 percent stake in Starbucks, the nearly 50-year-old American coffee company that has taken over the world, and is now in a knock-out battle with the Beijing-based startup.
It's hard to blame Blackstone ̵
Actually, while Starbucks has opened up 3,600 stores over 150 cities in China since first appeared on stage 20 years ago, Luckin has already opened 2000 outlets, including prep kitchens and pickup stations in 22 cities. More amazing, or crazy, depending on your view, Luckin plans to double the number by the end of this year. Starbucks has meanwhile announced that it will double the number of stores it has in China over the next five years.
In addition to Blackrock, others include Luckin's backers Joy Capital, GIC, Legend Capital, Dazheng Capital, and Centurium Capital.