Chinese Starbucks challenger Luckin Coffee Inc. has priced shares for its U.S. initial public offering (IPO) at the top of their range, raising more than $500 million to help fuel its rapid expansion.
The company priced American depositary shares (ADSs) for its listing on the Nasdaq at $17 apiece, versus a previously announced range of $15 to $17, according to a source with direct knowledge of the listing, speaking on condition of anonymity because the information is private. The strong pricing allowed the company to boost the size of the offering to 33 million shares, compared with previous plans to sell 30 million, the source added.