Londian Wason IPO: $94.3M Raised, Debuts on NYSE as FOIL

Londian Wason New Energy Tech Inc. completed its Initial Public Offering, raising approximately $94.3 million by pricing 4.3 million American Depositary Shares (ADSs) at $22.00 each. The Shenzhen-based copper foil manufacturer debuted on the New York Stock Exchange (NYSE) as FOIL, with shares opening at $26.00.

• IPO Proceeds: approximately $94.3 million
• ADSs Offered: 4.3 million
• Price per ADS: $22.00
• Opening Share Price: $26.00
• Company Valuation: estimated $2.01 billion

This IPO marks the largest US public debut by a Chinese company in over a year. The capital raised is slated for expanding manufacturing capacity, boosting research and development, and funding international growth strategies.

Market Presence & Technology

Londian Wason specializes in lithium-ion battery copper foil, essential for electric vehicle (EV) batteries and energy storage systems (ESS). The company was among the first to achieve large-scale production of both 4-micrometre high-tensile strength foil and 6-micrometre copper foil.

• 2025 Global Market Share (Frost & Sullivan): 7.6%
• 2025 Sales Volume: 111,985 metric tons
• Manufacturing Facilities (Dec 31, 2025): seven
• Annual Production Capacity: 180,500 metric tons electrolytic copper foil

Financial Performance & Key Clients

The firm reported robust financial growth, driven by EV and energy storage demand. In Q1 FY26, revenue hit RMB 4.073 billion (approximately $582 million), a 113.7% year-over-year increase. Net profit reached RMB 134 million (approximately $19.2 million).

• FY25 Revenue: RMB 10.94 billion (approximately $1.56 billion), up 24.9%
• FY25 Adjusted EBITDA: RMB 869 million (approximately $124 million), up 72.8%

Londian Wason supplies major global battery manufacturers including CATL, LG Energy Solution, and BYD. The company also partners with Nvidia Corp. to integrate GPUs and storage into high-performance computing AI applications.