Luckin Coffee Inc. (Nasdaq: LK) has announced that the underwriters on its secondary offering have exercised their option to purchase an additional 1.35 million American Depositary Shares.
That brings the proceeds from its follow-on offering to $418.3 million, the largest beverage giant in China said in a statement on Friday after the markets closed. Originally, Luckin said it was offering 9 million ADSs at $42 apiece with an additional 4.8 million ADSs held by an existing shareholder.
The underwriters are Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, China International Capital Corporation Hong Kong Securities Ltd. and Haitong International Securities Company Ltd., KeyBanc Capital Markets Inc. and Needham & Company, LLC.
In addition, Luckin said last week it expects to raise an additional $446.7 million from its convertible senior notes.
With the markets closed on Monday due to Martin Luther King Day, Luckin’s stock last traded at $50.02 on Friday, well exceeding its secondary offering price.