(Reuters) – Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, is looking to raise up to $586.5 million, its filing with the U.S. Securities and Exchange Commission on Monday showed.

FILE PHOTO: The logo is seen at a Luckin Coffee store in Beijing, China, February 28, 2019. REUTERS/Jason Lee/File Photo

The company said it expects to offer 34.5 million American depository shares (ADS) priced between $15 and $17 per ADS in an initial public offering, giving it a valuation of between $3.48 billion and $3.95 billion.

Each ADS represents eight Class A shares, the company said bit.ly/2YbOaoZ.

Luckin Coffee, which has been expanding at breakneck speed, currently operates 2,370 stores in 28 Chinese cities and plans to open 2,500 more this year as it tries