Londian Wason New Energy Tech, a China-based producer of copper foils mainly used for lithium-ion batteries, raised $94 million by offering 4.3 million ADSs at $22, the high end of the $20 to $22 range. The company offered about 0.7 million more ADSs than anticipated. Harvest Global Capital Investments, Hithium Global, and other investors had indicated on a combined $87 million worth of ADSs in the offering.
Londian Wason New Energy Tech is a Shenzhen-based manufacturer of electrolytic copper foil, a key material used in lithium-ion EV batteries, as well as electric energy meters and energy storage systems. The company has grown into one of the world's largest producers of lithium battery copper foil by capacity and market share, operating multiple production bases across China plus one under construction in Malaysia. Its product range spans high-performance lithium battery copper foil, electronic circuit foils (RTF and HVLP), and flexible copper-clad laminates, used across EV batteries, 5G communications, consumer electronics, and energy storage. Its customer base includes major global battery makers such as CATL, BYD, LG Energy Solution, Samsung SDI, and Panasonic.
The Shenzhen, China-based company will trade on the NYSE under the symbol FOIL. Cantor Fitzgerald, Huatai Securities, CMB International Capital, and US Tiger Securities acted as joint bookrunners on the deal.
