Luckin Coffee plans to raise as much as $590 million in an IPO as it races to overtake Starbucks. On at least one comparative measure, the Chinese chain’s implied $4 billion valuation is high: petesweeneypro
Beijing-based Luckin Coffee said on May 6 it plans to issue 30 million American depositary shares at between $15 and $17 each, to raise about $480 million in an initial public offering at the midpoint of the range. The price implies a valuation of about $3.7 billion.
Each depositary share is worth eight ordinary shares in the company. An extra 4.5 million depositary shares are available for underwriters to buy in a so-called over-allotment option.
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