Starbucks China rival Luckin Coffee raises $561 mn in US IPO

China-based coffee chain Luckin Coffee has raised about $561 million after setting its US IPO price at $17 apiece, gaining a valuation of nearly $4 billion. It added it may raise up to around $650 million if underwriters purchase additional 'greenshoe' shares after the listing. Luckin previously said it aims to displace Starbucks as China's largest coffee chain this year.