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Aya Lin · · 1 min readIn brief: China’s Luckin Coffee to raise up to $586.5m in IPO
- Luckin Coffee, the Chinese challenger to Starbucks, is looking to raise up to US$586.5 million, according to its filing with the US Securities and Exchange Commission, Reuters reports.
- The company, which is looking to list on the Nasdaq, said it expects to offer 34.5 million American depository shares (ADS) priced between US$15 and US$17 per ADS in an initial public offering. This could give the coffee startup a valuation of between US$3.48 billion and US$3.95 billion.
- Founded in 2017, Luckin Coffee currently operates 2,370 stores in 28 Chinese cities and plans to open 2,500 more this year as it tries to displace Starbucks as China’s largest coffee chain.
Editing by Charmaine de Lazo
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