5/17, 12:51 AM (Source: TeleTrader)
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Luckin Coffee to set IPO share price at $17 - report

Chinese coffee chain Luckin Coffee is pricing its shares at $17 for its initial public offering (IPO), CNBC reported. According to people familiar with the matter, the company is also increasing the amount of available stock from 30 million to 33 million. It should start trading on the Nasdaq on Friday with the ticker LK.

The chain, which opened in Beijing in 2017, was last valued at $2.9 billion. The IPO underwriters are Credit Suisse, Morgan Stanley, CICC and Haitong International. Luckin also said it raised $50 million from equities sold to Louis Dreyfus Co. BV.

Breaking the News / DJ