Starbucks’ big rival in China just announced plans to go public in the US.
Beijing-based Luckin Coffee said in a filing Monday that it wants to sell shares on the Nasdaq as part of its ambitious expansion plans.
Despite being barely 18 months old, Luckin has opened more than 2,300 outlets across China and plans to open another 2,500 by the end of this year.
If that happens, the company will oust Starbucks (SBUX) as China’s biggest coffee chain.
Luckin has not said how much it plans to raise or when its IPO will happen, but the firm has previously raised hundreds of millions from big investors including BlackRock (BKCC).
After the company’s most recent fundraising in April, it was valued at about $2.9 billion.
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