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China's Londian Wason Seeks Up to $1.7 Billion Valuation in US IPO

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Chinese copper foil maker Londian Wason New Energy Tech is seeking a valuation of as much as $1.7 billion through its planned U.S. initial public offering, according to a filing submitted to the U.S. Securities and Exchange Commission on Monday.

The company plans to offer nearly 3.6 million American depositary shares (ADSs), each representing five ordinary shares, at an indicative price range of $20 to $22 per ADS.

The offering could raise up to $78.6 million, excluding the underwriters' over-allotment option. Londian Wason intends to list on the New York Stock Exchange under the ticker "FOIL."

The company's revenue climbed to 4.07 billion yuan in the three months ended March 31 from 1.91 billion yuan a year earlier.

It also returned to a net profit of 134.5 million yuan from a net loss of 68.4 million yuan, the filing showed.

Cantor Fitzgerald, Huatai Securities (USA), CMB International Capital, US Tiger Securities, and Fortune (HK) Securities are serving as the underwriters for the offering.

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