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Is Apple Supplier BIEL Crystal Headed For An IPO?

A strong trading debut for one of its peers in Hong Kong's strongest IPO market in years could prompt the iPhone glass supplier to revive its previous listing plan

Key Takeaways:

BIEL Crystal is building a new production base in India and expanding further in Vietnam to diversify its manufacturing outside China in response to customer demand

The maker of glass used in smartphones and tablet PCs could potentially revive its earlier plan to list in Hong Kong

The year 2025 could be shaping up as Hong Kong's "Year of the Crystal," as the city's stock exchange experiences one of its best IPO markets in the last decade.

Just days after a leading high-tech glass maker raised HK$4.8 billion ($611 million) in its Hong Kong listing, word is circulating that rival BIEL Crystal could be gearing up for its own IPO that could raise even more. That's because BIEL's Hong Kong listing would be its first, unlike Lens Technology (300433.SZ; 6613.HK), whose Hong Kong listing this week complemented its existing listing in Shenzhen.

BIEL has yet to comment on any of the market talk, though it has previously attempted to list in Hong Kong before, most recently in 2022. The company ultimately never made it to market, but reports at the time said it was looking to raise up to $2 billion, or more than three times what Lens raised.

The crown jewel in BIEL's cap is its relationship as a key supplier for Apple's iPhone, though its client roster also includes other major smart device makers like Samsung, Honor and Xiaomi. The iPhone relationship is reportedly taking BIEL to India, where Apple is manufacturing more of its smartphones lately in a bid to diversify away from its overreliance on China.

The U.S. tech giant currently makes about 20% of its iPhones in India using contract manufacturers Foxconn and Tata Electronics, and is aiming to ...