May 16, 2019 / 10:12 PM / 3 months ago

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

NEW YORK, May 16 (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 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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