Chinese battery copper foil manufacturer Londian Wason New Energy Tech (NYSE: FOIL) made a successful debut on the New York Stock Exchange, securing a valuation of about $2.01 billion. The company’s shares opened at $26, 18.2% above the $22 offering price. During trading, the stock continued to climb, making the IPO the largest U.S. listing by a Chinese company in more than a year.
As a result of the IPO, Londian Wason raised $94.3 million. The company increased the size of the offering compared with the initial plan, taking advantage of strong investor demand.
Londian Wason is based in Shenzhen and specializes in producing copper foil used in lithium-ion batteries. In addition, the company makes foil for electronic circuits and flexible copper laminates. Its products are used in electric vehicles, energy storage systems, smartphones and other electronic devices, as well as equipment related to the rollout of 5G networks.
The company expects to benefit from growing global demand for batteries and infrastructure for new technologies. Electric vehicles and power storage systems require significant volumes of copper foil, so the expansion of battery manufacturing creates a potentially large market for Londian Wason.