Londian Wason New Energy Tech (FOIL) has priced its upsized IPO of 4.3 million American depositary shares, or ADSs, at $22.00 each, for $94.3 million total raise, late Tuesday.

In addition, the China-based Londian Wason, a manufacturer of electrolytic copper foil used in EV-batteries, granted the underwriters a 30-day option, or greenshoe, to purchase up to an additional 642,857 ADSs at the IPO price.

All of the ADSs are being offered by Londian Wason, and the company said it expects IPO net proceeds after expenses of $87.0 million, excluding any exercise of the underwriters' option to purchase additional ADSs.

The Londian Wason ADSs are expected to begin trading on the NYSE on Wednesday, under the ticker symbol FOIL.

Londian Wason said it intends to use IPO proceeds to fund global production expansion and facility upgrades, R&D, and expansion of its product portfolio and applications.