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China's Luckin Coffee Begins Trading With $651M Offering

Law360 (May 17, 2019, 3:36 PM EDT) -- Beijing-based Luckin Coffee began trading Friday after pricing its shares at the high end of its expected range and raising up to about $650.8 million in an initial public offering guided by Davis Polk, Conyers and King & Wood.

Luckin Coffee Inc. priced its offering of 33 million American Depositary Shares at $17 per ADS, which each represent eight class A shares, raising about $571.2 million through the public market as well as a concurrent private placement to Louis Dreyfus Company B.V. The offering comes a week after Luckin said it planned to price its offering of up to to 34.5...

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