(Bloomberg) — Biel Crystal Manufactory Ltd., a supplier of cover glass to Apple Inc., is planning a Hong Kong initial public offering that could raise as much as $2 billion, according to people with knowledge of the matter.
The maker of touch screens is working with China International Capital Corp., HSBC Holdings Plc and JPMorgan Chase & Co. on the offering, the people said. The company plans to submit a listing application soon, they said, asking not to be identified as the information is private. The IPO could raise $1 billion to $2 billion though the final size has not been determined yet, the people added.
Deliberations are ongoing and more banks could be added, the people said. A representative for Biel Crystal didn’t immediately respond to requests for comment, while representatives for CICC, HSBC and JPMorgan declined to comment.
The Hong Kong-based company had attempted to list in the Asian financial hub in 2017 but put off its planned $1.5 billion float a year later because of the selloff in the stock market hit by an escalating trade war between China and the U.S., the South China Morning Post reported at the time, citing the company’s billionaire chairman Yeung Kin-man. Yeung has a net worth of about $4.5 billion, according to Bloomberg Billionaires Index.
Founded in 1987, Biel Crystal is one of the biggest suppliers of cover glass and other glass-related products to smartphone manufacturers like Apple and Samsung Electronics Co. It competes with publicly-traded Lens Technology Co. and the cover glass business of CN Innovations Group.
Read more: Apple Supplier CN Innovations Said to Mull $1 Billion Unit Sale
Biel, which is named after the Swiss city famous for its watchmaking, has factories in the southern Chinese cities of Shenzhen and Huizhou, according to its website. The company had 120,000 employees by 2020.
Biel would join a crowded IPO pipeline in Hong Kong, where over $25 billion has already been raised through first-time share sales, more than double the haul this time last year, according to data compiled by Bloomberg.
After a hiatus in listings in April and May, activity has picked up again in Hong Kong as investors’ appetite has been rekindled. Large IPOs waiting on the sidelines include online health-care giant WeDoctor, which could raise about $2 billion, and a spinoff of property developer China Vanke Co.’s management business, which could fetch about $2 billion.
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