Story
Chinese Copper Foil Maker Londian Wason Targets $1.7 Billion Valuation in US IPO
Londian Wason New Energy Tech, a Chinese manufacturer of copper foil, announced plans on Monday for a U.S. initial public offering that could value the company at as much as $1.7 billion. The move represents another test of U.S. investor appetite for listings from China-based industrial firms.
IPO Details
The Shenzhen-based company aims to raise up to $78.6 million through its public market debut. According to its filing, the offering consists of approximately 3.6 million American Depositary Shares (ADS).
The proposed price range for the shares is set between $20 and $22 each. Londian Wason plans to list on the New York Stock Exchange under the ticker symbol "FOIL".
AdMarket Context
The IPO comes as companies integral to the global electronics and electric vehicle supply chains seek capital for expansion. Copper foil is a critical component used in printed circuit boards and the anodes of lithium-ion batteries, placing Londian Wason in a key industrial sector.
A syndicate of financial firms is underwriting the deal. The listed underwriters include Cantor, Huatai Securities, CMB International, US Tiger Securities, Fortune Securities, and VC Brokerage.
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