Londian Wason New Energy Tech Inc. has priced its upsized initial public offering of roughly 4.3 million American depositary shares at $22.00 each, raising gross proceeds of $94.3 million ahead of its New York debut on Wednesday.
The shares are set to begin trading on the New York Stock Exchange under the ticker FOIL, with the offering expected to close on August 13 following SEC clearance a day earlier. Underwriters hold a 30-day option to purchase an additional 642,857 ADSs. Net proceeds of approximately $87.0 million are earmarked for global production expansion, facility upgrades, and research and development. Cantor is lead book-running manager.
The company, the world's largest supplier of lithium-ion battery copper foil in 2025 with a 7.6% global market share and annual sales of 111,985 metric tons, supplies a critical material for electric vehicle batteries.