BREAKING NEWS

BREAKING NEWS

Starbucks' China challenger Luckin set to raises $561 million in U.S. IPO - sources

Starbucks' China challenger Luckin set to raises $561 million in U.S. IPO - sources
FILE PHOTO: The logo is seen at a Luckin Coffee store in Beijing, China, February 28, 2019. REUTERS/Jason Lee/File Photo -
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Jason Lee(Reuters)
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NEW YORK (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)

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