China's Luckin Coffee seeks up to $510 million in U.S. listing

Chinese coffee chain company Luckin Coffee Inc. aims to secure up to $510 million in its U.S. stock market listing.

The company, seeking to reach 6,000 sites in China by 2023, intends to sell 30 million American depositary shares for $15 to $17 each.

Luckin would have a value of up to $4 billion at $17 a share, including a private placement of about $50 million with Louis Dreyfus Co., based on the shares to be outstanding after the listing.

The listing is being led by Swiss investment banks Credit Suisse Group AG, peers U.S. Morgan Stanley, China International Capital Corp. and Haitong International.