Rondian Watson Aims for $1.7 Billion Valuation with NYSE Listing
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Chinese copper foil manufacturer Rondian Watson New Energy Technology is pursuing an initial public offering (IPO) in the United States with a target valuation of up to $1.7 billion. Rondian Watson announced its intention to list American Depositary Shares (ADS) on the New York Stock Exchange in a Form F-1 submitted to the U.S. Securities and Exchange Commission on July 2. The filing did not specify the number of ADS, price range, or net proceeds. Rondian Watson plans to issue approximately 3.6 million ADS at a price of $20 to $22 per share, aiming to raise up to $78.6 million. The company's valuation is expected to reach up to $1.7 billion, but final terms will be confirmed in the SEC effective filing and prospectus. The company is projected to be the world's largest supplier of copper foil for lithium-ion batteries by sales volume in 2025, with a global market share of 7.6%. Revenue for 2025 is expected to be 10.9421 billion yuan, reflecting a 24.9% increase year-on-year, while net profit is anticipated to turn around from a net loss of 292.9 million yuan in 2024 to a net profit of 20.3 million yuan in 2025. The underwriting syndicate includes Cantor, Huatai Securities, CMB International, US Tiger Securities, and Fortune Securities. Rondian Watson plans to use the proceeds from the offering to expand global production capacity, enhance facilities, and invest in research and development.
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