Chinese EV battery parts maker Londian mulls US IPO via Citigroup, Goldman Sachs: sources
The company is working with Citigroup and Goldman Sachs on the IPO preparations and a listing could happen as early as next yearLondian’s existing shareholders include SK Inc, which holds a stake of about 30 per centBanking & financeBloombergPublished: 3:54pm, 28 Sep, 2023Why you can trust SCMP
Chinese copper foil maker Londian Wason Energy Tech is planning an initial public offering in the US, people familiar with the matter said.
The company is working with Citigroup and Goldman Sachs on the listing preparations, said the people, who asked not to be identified because the information is private. Londian is looking to raise about US$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 and BYD – 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 did not immediately respond to a request for comment.