China’s Londian Wason New Energy Tech on Tuesday priced its U.S. initial public offering at $22 per share, with the copper foil maker raising $94.3 million.
The company sold about 4.3 million American Depositary Shares (ADS) — which allow investors to buy shares of foreign companies on U.S. exchanges — in the IPO at the top end of its marketed range of $20 and $22.
Londian Wason’s U.S. market debut is expected to test investor appetite for Chinese IPOs at a time when relations between Beijing and Washington remain contentious.
The U.S. IPO market has staged a broad recovery this year, but Chinese listings in New York are yet to see a similar revival amid geopolitical tensions.
Londian Wason sells electrolytic copper foil globally and is led by co-CEOs Guanran Wang and Guangling Zhou.
Prominent backers of the company include South Korea’s SK Group and Mirae Asset.
Its stock will begin trading on the NYSE on Wednesday, under the ticker symbol “FOIL.”
Cantor, Huatai Securities, CMB International, US Tiger Securities, Fortune Securities and VC Brokerage are the underwriters for the offering.
Reuters
