Korean Apple proxy comes to market

Cowell, the camera module manufacturer hopes its listing will benefit from the strong share price momentum driving Apple and its Asian component suppliers.

Korean camera module manufacturer and Apple supplier, Cowell Holdings, has entered a second week of pre-marketing for a $150 million to $200 million initial public offering in Hong Kong. 

Formal book building for the IPO is likely to begin on March 16 when the price range is expected to be set. The deal will comprise a mix of primary and secondary shares with a likely freefloat of 25% of the company's total share capital. 

The deal is likely to be promoted as a cheap proxy for Apple, with the added long-term potential for significant valuation expansion thanks to an undisclosed component the company is...

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