Apple Supplier Biel Weighs Up to $2 Billion Hong Kong IPO

(Bloomberg) — Biel Crystal Manufactory Ltd., a provider of canopy glass to Apple Inc., is planning a Hong Kong preliminary public providing that might elevate as a lot as $2 billion, in accordance to individuals with data of the matter.

The maker of contact screens is working with China International Capital Corp., HSBC Holdings Plc and JPMorgan Chase & Co. on the providing, the individuals mentioned. The firm plans to submit a list utility quickly, they mentioned, asking not to be recognized as the data is non-public. The IPO might elevate $1 billion to $2 billion although the ultimate dimension has not been decided but, the individuals added.

Deliberations are ongoing and extra banks might be added, the individuals mentioned. A consultant for Biel Crystal didn’t instantly reply to requests for remark, whereas representatives for CICC, HSBC and JPMorgan declined to remark.

The Hong Kong-based firm had tried to listing within the Asian monetary hub in 2017 however delay its deliberate $1.5 billion float a yr later due to the selloff within the inventory market hit by an escalating commerce struggle between China and the U.S., the South China Morning Post reported on the time, citing the corporate’s billionaire chairman Yeung Kin-man. Yeung has a web value of about $4.5 billion, in accordance to Bloomberg Billionaires Index.

Founded in 1987, Biel Crystal is likely one of the greatest suppliers of canopy glass and different glass-related merchandise to smartphone producers like Apple and Samsung Electronics Co. It competes with publicly-traded Lens Technology Co. and the duvet glass enterprise of CN Innovations Group.

Read extra: Apple Supplier CN Innovations Said to Mull $1 Billion Unit Sale

Biel, which is known as after the Swiss metropolis well-known for its watchmaking, has factories within the southern Chinese cities of Shenzhen and Huizhou, in accordance to its web site. The firm had 120,000 workers by 2020.

Biel would be part of a crowded IPO pipeline in Hong Kong, the place over $25 billion has already been raised by first-time share gross sales, greater than double the haul this time final yr, in accordance to knowledge compiled by Bloomberg.

After a hiatus in listings in April and May, exercise has picked up once more in Hong Kong as traders’ urge for food has been rekindled. Large IPOs ready on the sidelines embody on-line health-care large WeDoctor, which might elevate about $2 billion, and a derivative of property developer China Vanke Co.’s administration enterprise, which might fetch about $2 billion.

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