Copper foil giant Londian Wason surges in New York debut after $94 million IPO
BUZZ-Copper foil giant Londian Wason surges in New York debut after $94 million IPO Updates
** Chinese electrolytic copper foil giant Londian Wason's FOIL.N shares jump as much as 28.3% in New York debut
** Stock opened at $26 apiece vs $22 IPO price
** Shenzhen-based FOIL sold roughly 4.3 million American depositary shares in an upsized IPO to raise $94.3 million
** FOIL had initially marketed about 3.6 million ADS priced between $20 and $22 apiece
** "The IPO will be an important test for U.S.-bound Chinese listings, because very few Chinese companies have reached the U.S. market recently," says IPOX Research Associate Lukas Muehlbauer
** FOIL's debut marks biggest New York listing of a Chinese company in more than a year, according to Dealogic data
** "The limited supply may support the shares initially, but it will also make the first-day performance a less reliable measure of broader investor demand," Muehlbauer added, referring to the initial float
** FOIL's major backers include South Korea's SK Group 034730.KS and Mirae Asset
** Cantor acted as lead book-running manager for offering
(Reporting by Arasu Kannagi Basil in Bengaluru)