Stock Track | Londian Wason Soars 24% in NYSE Debut After Opening at $26 vs $22 IPO Price

Stock Track

08/12

Shares of Londian Wason New Energy Tech Inc (FOIL) soared 24.36% in intraday trading on Wednesday, as the Chinese electrolytic copper foil developer made its debut on the New York Stock Exchange.

The stock opened at $26 per American Depositary Share, well above the $22 IPO price, which was the top end of its expected range. The company had priced its upsized initial public offering of 4.3 million ADSs at $22 each, raising $94.3 million.

The strong opening comes after indications that the stock would trade between $23 and $25, reflecting robust investor demand for the global copper foil leader. The company plans to use the proceeds for global production expansion, facility upgrades, and R&D.

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