(Reuters) – Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, is looking to raise up to $586.5 million (447.7 million pounds), its filing with the U.S. Securities and Exchange Commission on Monday showed.

The company said it expects to offer 34.5 million American depository shares (ADS) priced between $15 and $17 per ADS in an initial public offering. Each ADS represents eight Class A shares, it said.

Luckin Coffee, which has been expanding at breakneck speed, currently operates 2,370 stores in 28 Chinese cities and plans to open 2,500 more this year as it tries to displace Starbucks as China’s largest coffee chain.Read More