Londian Wason New Energy Tech shares rise 18% in NYSE debut

Investing.com -- Londian Wason New Energy Tech's shares opened 18.2% above their initial public offering price on Wednesday, giving the company a valuation of $2.01 billion in its New York Stock Exchange debut.

The Chinese manufacturer of electrolytic copper foil priced its IPO on Tuesday, offering approximately 4.3 million American depositary shares at $22.00 per ADS, 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.

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.

The company's shares now trade on NYSE under the ticker FOIL.

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

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