Londian Wason prices IPO at $22 per ADS, raising $94.3 million

Londian Wason New Energy Tech Inc., a Chinese manufacturer of electrolytic copper foil, priced its initial public offering of approximately 4.3 million American depositary shares at $22.00 per ADS, according to a press release, generating $94.3 million in gross proceeds.

The company expects net proceeds of approximately $87.0 million after deducting underwriting discounts, commissions, and other offering expenses. Londian Wason has also granted underwriters a 30-day option to purchase up to an additional 642,857 ADSs at the IPO price.

The ADSs are expected to begin trading on the New York Stock Exchange under the ticker symbol NYSE: FOIL on Aug. 12, 2026, with the offering expected to close Aug. 13, 2026, subject to customary closing conditions.

The company stated it intends to use the net proceeds primarily to fund global production expansion and facility upgrades, research and development, manufacturing efficiency improvements, product portfolio expansion, and general corporate purposes.

Cantor is acting as lead book-running manager. Huatai Securities, CMB International, and US Tiger Securities are acting as joint book-running managers. Fortune Securities, VC Brokerage, and BOCOM International are acting as co-managers.

In fiscal year 2025, Londian Wason reported revenue of RMB10.942 billion (approximately $1.565 billion), up from RMB8.762 billion in fiscal year 2024. Net income for fiscal year 2025 was RMB20.315 million (approximately $2.905 million), with adjusted EBITDA of RMB868.851 million (approximately $124.244 million).

According to research firm Frost & Sullivan, Londian Wason was the largest supplier of lithium-ion battery copper foil by sales volume globally in 2025, with a 7.6% market share. The company operates six manufacturing sites and counts LG Energy Solution, Panasonic Industrial Materials, Samsung SDI, CATL, and BYD among its customers.

You May Also Be Interested In

• Amaero postpones U.S. IPO citing adverse market conditions
• Milestone Pharmaceuticals enrolls first Canadian patient in AFib trial
• Newton Golf acquires option on Nevada beryllium-tungsten mine