Copper-Foil Maker Londian Wason Set to Test the IPO Window Wednesday as the Week’s Lone New Listing
After a crowded first week of August in the new-issue market, this week's IPO calendar comes down to a single name: Londian Wason New Energy Tech, a Chinese producer of battery materials that is scheduled to list on the New York Stock Exchange on Wednesday under the ticker FOIL, according to StockAnalysis's IPO calendar. The offering covers about 3.57 million American depositary shares at $20 to $22 apiece, for a deal size of roughly $75 million.
The company makes electrolytic copper foil, a key input in lithium-ion batteries for electric vehicles, and also produces electric energy meters and energy storage systems, according to Renaissance Capital. At the $21 midpoint of the range, the deal would value the company at about $1.6 billion, and Reuters reporting carried by Investing.com put the targeted valuation as high as $1.7 billion. Founded in 2001, per Renaissance Capital, the firm operates production facilities across China with an additional plant under construction in Malaysia.
The customer list is the deal's headline credential. Renaissance Capital reports that Londian Wason supplies major global battery makers including CATL, BYD, LG Energy Solution, Samsung SDI and Panasonic, placing the company inside the supply chains of essentially every large lithium-ion cell manufacturer. The firm generated $1.6 billion in revenue for the twelve months ended December 31, 2025, per the same report, meaning the IPO values the company at roughly one times trailing sales.
The offering arrives with substantial spoken-for demand. Renaissance Capital reports investor commitments totaling $87 million, including $50 million from Harvest Global Capital Investments and $7 million from energy-storage company Hithium Global, against a $75 million base deal, an arrangement that sharply reduces pricing risk. Cantor Fitzgerald, Huatai Securities, CMB International Capital, US Tiger Securities, Fortune (HK) Securities and VC Brokerage are joint bookrunners on the offering.
The debut will test whether the strength of early August's listings extends beyond biotech. StockAnalysis data showed last week's crop of life-sciences IPOs trading well above their offer prices, led by Braveheart Bio's roughly 67% gain from its $18 pricing, though not every deal has worked. A well-received industrial listing from a China-based issuer would signal that the reopened window is broadening across sectors and geographies rather than reflecting a narrow biotech bid.
The China angle adds a layer of complexity. U.S. listings by Chinese industrial companies have been sparse in recent years amid regulatory friction on both sides of the Pacific, and Londian Wason's decision to seek a New York listing, with coverage from Caproasia noting the parent group is Shenzhen-based Londian Wason Holdings, founded by Wang Weidong, makes the deal a visible test case for whether mid-sized Chinese manufacturers can again tap American capital markets at scale.
Beyond Wednesday's pricing, the calendar goes quiet: StockAnalysis lists no IPOs scheduled for the following week, though it notes that offering dates are rarely set more than seven to ten days in advance. With the Russell 2000 near record territory and this month's earlier debuts mostly trading above issue, bankers watching the FOIL deal will be gauging whether the fall pipeline can support a broader slate of small- and mid-cap listings after Labor Day.
