Londian Wason prices IPO at $22 per ADS, raises $94.3M

Londian Wason, a Chinese manufacturer of electric vehicle batteries, priced its initial public offering at $22 per American Depositary Share (ADS) on Tuesday.

The company plans to raise approximately $94.3 million through the offering, according to a filing with the U.S. Securities and Exchange Commission. The IPO, which was marketed to institutional investors, will see each ADS represent one Class A ordinary share.

Proceeds from the offering are earmarked for working capital and general corporate purposes, including potential expansion and research and development initiatives. The company did not disclose the number of shares being offered in the filing.

Londian Wason joins a growing number of Chinese EV-related firms pursuing listings in the U.S. amid heightened scrutiny of such offerings by regulators. The timing of the IPO follows recent volatility in global equity markets, particularly among high-growth technology and clean energy stocks.

Underwriters for the offering include CICC Securities and other undisclosed financial institutions. The shares are expected to begin trading on the Nasdaq under the ticker symbol LWAS on Wednesday, pending regulatory approval.