Londian Wason New Energy Tech (FOIL) upsized its IPO at pricing to 4.3 million American Depositary Shares (ADS) – up from 3.57 million in the prospectus – and priced its IPO at $22.00 – the top of its range – to raise $94.3 million on Tuesday night, Aug. 11, 2026. The Chinese company is one of the world’s largest producers of copper foil used to make lithium batteries.
Londian Wason’s ADS popped in their NYSE debut – opening at $26.00 – up $4.00 for an 18.18 percent gain from their IPO price – on Wednesday, Aug. 12, 2026, on the New York Stock Exchange.
The IPO was upsized by 20 percent at pricing to raise $94.3 million – up from $75 million in the prospectus. The original terms called for 3.57 million ADS at a price range of $20.00 to $22.00 to raise $75 million. Each ADS represents five ordinary shares.
Cantor was the lead book-running manager. Huatai Securities, CMB International, and US Tiger Securities were the joint book-running managers. Fortune Securities (HK), VC Brokerage and BOCOM International acted as co-managers.
South Korea Connection
Principal shareholders include investment entities controlled by SK Inc. and Mirae Asset Global Investment, both of South Korea, according to the prospectus.
Cornerstone investors, including Harvest Global Capital Investments Limited, Hithium Global Pte. Ltd. and other investors, had indicated an interest in purchasing up to US$50.0 million, US$7.0 million and US$30.0 million, respectively, of ADS in this offering, the prospectus said.
More Money for Manufacturing Plus R&D
Londian Wason expects to use about half of the IPO’s proceeds to invest in new manufacturing facilities, the prospectus said. In addition, the company plans to spend more than a third of the money raised in the IPO for R&D.
According to Frost & Sullivan, Londian Wason was the world’s largest supplier of lithium-ion battery (“LiB”) copper foil in terms of sales volume in 2025, holding a global market share of 7.6 percent. In 2025, the Company supplied approximately 111,985 metric tons of LiB copper foil, maintaining the world’s largest annual sales volume, the company said.
Londian Wason’s customers include major battery and electronic circuit manufacturers such as LG Energy Solution, Panasonic Industrial Materials, SK on, Samsung SDI, ATL, CATL, BYD and Sunwoda.
The company is profitable: Net income was $2.91 million on revenue of $1.57 billion for the year that ended on Dec. 31, 2025.
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