(Bloomberg) -- 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 Inc. and Goldman Sachs Group Inc. on the listing preparations, said the people, who asked not to be identified because the information is private. 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. The South Korean conglomerate is seeking to sell the stake, valued at about 1.5 trillion won ($1.1 billion) to shore up its own finances, the Korea Economic Daily reported earlier this month. 

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