The Chinese challenger to Starbucks is looking to raise up to $586.5m, its filing with the US SEC shows
Men check their mobile phones outside a Luckin Coffee store in Beijing, China. Picture: REUTERS/JASON LEE
The company said it expects to offer 34.5-million American depositary shares priced between $15 and $17 per ADS in an initial public offering, giving it a valuation of between $3.48bn and $3.95bn.Luckin Coffee, which has been expanding at breakneck speed, 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.
Luckin has also expanded outside coffee, allowing customers to buy food and other beverages such as grapefruit cheese jasmine tea and Sichuan cold noodles with pulled chicken via its app.
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