Londian Wason IPO completes at $22 per ADS, lists on NYSE
Londian Wason completed its $94.3 million IPO at $22 per ADS, listing on the NYSE as FOIL. Shares opened at $26, valuing the EV battery material supplier at $2.01 billion. The firm reported Q1FY26 revenue of RMB 4.073 billion, up 113.7% YoY.
*this image is generated using AI for illustrative purposes only.
Londian Wason New Energy Tech Inc. (NYSE: FOIL) announced the completion of its initial public offering of 4.3 million American Depositary Shares (ADSs) at an offering price of $22.00 per ADS. The company began trading on the New York Stock Exchange on Monday, with shares opening at $26.00. This debut price values the Shenzhen-based copper foil manufacturer at approximately $2.01 billion and marks the largest US public debut by a Chinese company in more than a year.
The offering generated gross proceeds of approximately $94.3 million. Proceeds from the transaction are designated to support manufacturing capacity expansion, research and development initiatives, and broader international growth strategies.
Market Position And Capacity
Londian Wason specialises in lithium-ion battery copper foil, a critical component 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.
According to Frost & Sullivan, Londian Wason was the world’s largest supplier of lithium-ion battery copper foil by sales volume in 2025, holding a global market share of approximately 7.6%. During that period, the company sold approximately 111,985 metric tons of product worldwide.
As of December 31, 2025, the firm operated seven manufacturing facilities with a designed annual electrolytic copper foil production capacity of approximately 180,500 metric tons.
Financial Performance
Demand for EVs and energy storage solutions has driven significant revenue growth for the company. Financial results for the most recent periods highlight this expansion:
| Metric: | Period | Value | YoY Change |
|---|---|---|---|
| Revenue: | Q1FY26 | RMB 4.073 billion (~$582 million) | +113.7% |
| Net Profit: | Q1FY26 | RMB 134 million (~$19.2 million) | N/A |
| Revenue: | FY25 | RMB 10.94 billion (~$1.56 billion) | +24.9% |
| Adjusted EBITDA: | FY25 | RMB 869 million (~$124 million) | +72.8% |
Note: Net profit growth percentage for Q1FY26 was not disclosed in the source data.
Customer Base And Strategic Partnerships
The company supplies leading global battery manufacturers, including:
- CATL
- LG Energy Solution
- Panasonic Holdings’ Panasonic Industrial Materials
- BYD Company Limited
- Samsung’s Samsung SDI
Beyond battery materials, Londian Wason has expanded its technological footprint through a partnership with Nvidia Corp. This collaboration aims to integrate GPUs, networking, and storage into high-performance computing (HPC) AI applications.
What the Numbers Show
The divergence between revenue growth and profit margins in Q1FY26 warrants attention. While revenue surged 113.7% year-over-year to RMB 4.073 billion, net profit stood at RMB 134 million. This suggests that while top-line volume is expanding rapidly, profitability metrics may be under pressure or reinvestment costs are rising during this phase of aggressive capacity scaling. In contrast, FY25 showed a more balanced growth profile with adjusted EBITDA growing 72.8% against 24.9% revenue growth, indicating improved operational leverage in the full-year prior period compared to the quarter-to-date start of FY26.
How will the designated use of $94.3 million in IPO proceeds for capacity expansion impact Londian Wason's ability to maintain its 7.6% global market share against emerging competitors?
What are the specific risks and strategic benefits of Londian Wason's new partnership with Nvidia for high-performance computing, given its primary identity as an EV battery material supplier?
Will the divergence between Q1FY26 revenue growth (113.7%) and net profit margins indicate a temporary reinvestment phase or a structural challenge in maintaining profitability during aggressive scaling?
15
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
