NEWYORK (Reuters) – Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Thursday priced its U.S. initial public offering (IPO) at the top end of its targeted price range, raising $561 million (£438.35 million) in the biggest U.S. float by a Chinese firm this year, according to people familiar with the matter.
The Beijing-based coffee chain sold 33 million American depository shares (ADS), more than the 30 million it originally said it would sell, at $17 each, at the end of an indicative range of $15 to $17.
That valued Luckin at about $4.2 billion. A spokesman for Luckin Coffee declined to comment.
(Reporting by Joshua Franklin and Harry Brumpton in New York; Editing by Peter Cooney)