Luckin Coffee's offering price is set at 15 to 17 US dollars, raising nearly 600 million US dollars at the highest.

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Luckin Coffee submitted an updated IPO prospectus to the U.S. Securities and Exchange Commission (SEC) on Monday, setting its IPO pricing range at $15 to $17 per American depositary share. Luckin Coffee plans to list on the Nasdaq Global Select Market under the symbol "LK".

According to the updated prospectus, Luckin Coffee will provide 30 million American depositary shares (ADS) in the IPO transaction, each of which represents eight Class A common shares. Luckin Coffee will raise up to $510 million through the IPO deal, based on the upper limit of the IPO pricing range of $17 per share. At the same time, the underwriter will have an additional placing option to buy a further 4.5 million Luckin Coffee American depositary shares, meaning the maximum amount raised in the IPO deal will be $586.5 million at the upper end of the IPO pricing range.

Luckin Coffee's outstanding shares will be composed of Class A common shares and Class B common shares. In addition to voting and conversion rights, holders of Class A common shares and Class B common shares enjoy the same rights. Each Class An ordinary share shall have one vote, and each Class B ordinary share shall have 10 votes, and its holder may convert each Class B ordinary share into one Class An ordinary share at any time. Under no circumstances shall Class A common shares be converted into Class B common shares.

Based on the midpoint of the IPO pricing range of $16 per American depositary share, after the completion of the IPO offering transaction (assuming the underwriter does not exercise the additional placing option), Class B common shares will account for about 85.35 per cent of Luckin Coffee's total issued and outstanding share capital and 98.31 per cent of the company's total voting rights.

The underwriters of Luckin Coffee's IPO transaction are Credit Suisse, Morgan Stanley, China International Capital Corporation, Haitong International, KeyBanc Capital Markets and Needham & Company.

Luckin Coffee disclosed the company's financial information and performance indicators in its initial prospectus on April 22nd eastern time. Luckin Coffee's net revenue in the first quarter ended March 31, 2019 was 478.5 million yuan ($71.3 million), compared with 12.954 million yuan in the same period last year. Of this total, the net revenue from fresh drinks was 361.1 million yuan ($53.805 million), accounting for 75.4% of the total net revenue, compared with 9.575 million yuan in the same period last year, accounting for 73.9% of the total net revenue. Net revenue from other products was 86.98 million yuan ($12.513 million), accounting for 17.6% of the total net revenue, compared with 1.403 million yuan in the same period last year, accounting for 10.8% of the total net revenue Net revenue from other businesses was 33.435 million yuan ($4.982 million), accounting for 7.0% of the total net revenue, compared with 1.976 million yuan in the same period last year, accounting for 15.3% of the total net revenue.

Luckin Coffee posted a net loss of 551.8 million yuan ($82.218 million) in the first quarter ended March 31, 2019, compared with a net loss of 132.2 million yuan in the same period in 2018. The net loss attributable to the company's common shareholders and angel shareholders was 572.8 million yuan ($85.343 million), compared with 132.2 million yuan for the same period in 2018.

Luckin Coffee also disclosed in his prospectus that before submitting the prospectus, Chairman Lu Zhengyao beneficially held 969703 common shares, or 30.53%; Qian Zhiya, the company's founder and CEO, beneficially held 625000 common shares, with 19.68% Hui Li beneficially holding 377877 common shares and 11.90% Liu beneficially held 214471 common shares, or 6.75%.

At the same time, the main shareholders' shareholdings are as follows: Lu Zhengyao family beneficially holds 969703 common shares, with a shareholding ratio of 30.53%; Summer Fame Limited under the control of Qian Zhiya family trust beneficially holds 625000 common shares, with a shareholding ratio of 19.68% Mayer Investments Fund, and LP beneficially holds 393750 common shares, while Centurium Capita beneficially holds 377877 common shares, with a shareholding ratio of 11.90%. 喜悦 Capital beneficially holds 214471 common shares, or 6.75%.

Article from: Sina Science and Technology

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