Shares of Luckin Coffee fell Wednesday morning, joining the likes of Uber and Lyft by dropping below its initial public offering price days after its debut.
, well above its IPO price of $17, and surged as much as 50% during its first day on the Nasdaq. But since then, the stock has fallen by more than 5%.as the biggest coffee chain in China. While the Seattle-based company opened its first store in China 20 years ago, Luckin is less than two years old. Funding from investors like BlackRock has helped the start-up expand rapidly to 2,370 stores.
The company intends to use a portion of the $561 million raised from its IPO to continue expanding across China. It's not yet profitable, reporting a net loss of $241.3 million for 2018, and has faced some skepticism about whether it can attract customers without using its current strategy of deep discounts.
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