China's Luckin Coffee raises up to $651M in upsized US IPO

Another week, another cash-burning tech IPO in the U.S. Following on from Uber's high-profile listing, ambitious Chinese startup Luckin Coffee has raised up to $650.8 million on the Nasdaq after it priced its shares at $17. Despite concern at its high losses and little chance of near-term profitability, Luckin seems to have been greeted positively by investors. Luckin filed to go public last month, just weeks after it closed a $150 million Series B+ funding round led by New York private equity firm Blackrock, which interestingly holds a 6.58% stake in Starbucks.