Key facts
- Londian Wason New Energy Tech is seeking a valuation of up to $1.7 billion for its U.S. IPO.
- The company plans to offer approximately 3.6 million American Depositary Shares at a price between $20 and $22 each.
- The IPO aims to raise up to $78.6 million.
- Londian Wason's backers include South Korea's SK Group and Mirae Asset.
- The company reported a net profit of 134.5 million yuan ($19.2 million) for the first quarter of 2023.
Londian Wason New Energy Tech, a Chinese copper foil manufacturer, is aiming for a valuation of up to $1.7 billion in its upcoming initial public offering on the New York Stock Exchange. The company plans to offer approximately 3.6 million American Depositary Shares, with prices expected to range between $20 and $22 per share, potentially raising up to $78.6 million.
This listing represents a significant test of investor confidence in Chinese companies seeking to debut on U.S. exchanges, particularly amid ongoing geopolitical tensions and Beijing's recent emphasis on domestic listings. The China Securities Regulatory Commission approved Londian Wason's IPO application in December, marking one of the few such clearances for U.S. listings in the past year.
Major investors in Londian Wason include South Korea's SK Group and Mirae Asset. The company reported a net profit of 134.5 million yuan ($19.2 million) on revenue of 4.07 billion yuan for the first quarter of 2023, a notable improvement from a net loss in the same period last year. Londian Wason will trade on the NYSE under the ticker symbol "FOIL."