Chinese EV Battery Parts Maker Londian Planning US IPO, Sources Say

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Chinese EV Battery Parts Maker Londian Planning US IPO, Sources Say

Bloomberg2023-09-28

Copper foil maker plans to raise $500m in pre-IPO and IPOLondian works with Citi, Goldman on listing preparationsChinese copper foil maker Londian Wason Energy Tech is planning an initial public ...

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Londian is looking to raise about $500 million through the IPO and a pre-IPO funding round, the people said. A listing could happen as early as next year, one of the people said.Shenzhen-based Londian has benefited from a surge in demand for EV batteries, which its copper wire forms part of. The company supplies the likes of Contemporary Amperex Technology Co. and BYD Co. — the world’s two biggest EV battery makers.Deliberations are ongoing and details of the IPO including size and timing could also change, the people said. Londian didn’t immediately respond to a request for comment.Spokespeople for Goldman and Citi declined to comment.Londian’s existing shareholders include SK Inc., which holds around a 30% stake. 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