It would also top the company’s earlier plan for a US$300 million share sale.
Luckin Coffee Inc. is seeking to raise up to $510 million in its U.S. initial public offering.
The company said in a filing that it is planning to sell 30 million American depositary shares for US$15 to US$17 each.
Including a private placement for about US$50 million with global merchant firm Louis Dreyfus Co., Luckin would have a value of as much as US$4 billion at US$17 a share based on the shares to be outstanding after the listing.
Luckin is spending millions of dollars a year opening outlets to unseat Starbucks as China’s top coffee company, it currently operates 2,370 stores in 28 Chinese cities. By the end of this year, Luckin aims to become the largest coffee network in China in terms of number of stores.
The company reported a net loss of US$241 million for 2018, on total revenue of US$125 million. It lost US$82 million on revenue of US$71 million during the first quarter.
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