A Luckin Coffee IPO is underway for the Chinese coffee chain.

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Here’s what we know about the Luckin Coffee IPO.

• The company’s stock is trading on the Nasdaq Global Select Market under the stock ticker “LK”.
• The Luckin Coffee IPO price for LK stock is sitting at $17.00 per American Depositary Share (ADS).
• This is at the high end of the company’s expected IPO range of $15 per share to $17 per share reported last week.
• Luckin Coffee (NASDAQ:LK) is selling 33 million shares of LK stock in the IPO.
• This gives the IPO a total value of $561 million.
• There’s also an option for underwriters of the deal to purchase an additional 4,950,000 shares of LK stock.
• This represents another possible $84.15 million for the Luckin Coffee IPO.
• Together, this gives the IPO a possible total value of $645.15 million.
• The most recent valuation of the company has it sitting at $2.90 billion.
• The book runners for the Luckin Coffee are Credit Suisse Securities, Morgan Stanley, China International Capital Corporation Hong Kong Securities Limited and Haitong International Securities Company Limited.
• The co-managers for the IPO are KeyBanc Capital Markets and Needham & Company.
• Luckin Coffee  reported revenue of $125.30 million for 2018.
• Net loss reported by the company during the previous year was $241.30 million.
• Luckin Coffee has been pushing to grow quicker and become the largest coffee chain in China.
• As a result, the company has been focusing on deep discounts as a way to draw in more customers.

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LK stock was up 44% as of Friday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.