(Yicai Global) May 17 -- Luckin Coffee has raised USD561 million in an initial public offering in the US that values Starbucks' Chinese adversary at more than USD3.9 billion, Bloomberg News reported today.

The valuation is a third higher than what the two-year-old startup was worth at the time of its last cash injection -- USD150 million led by US asset management giant BlackRock -- that the Beijing-based coffee house announced in mid-April.

Luckin Coffee issued 33 million American depositary shares, more than the 30 million initially planned, priced at USD17 each, the top end of the range. It will begin trading on the Nasdaq tomorrow under the ticker 'LK.'

The company plans to build over 2,500 new stores this year, raising its total to more than 4,500, in a bid to overtake Starbucks as China's biggest coffee chain. The US firm had over 3,500 stores in China as of last September after entering the market in 1999. 

Editor: Emmi Laine