One Apple's main iPod component suppliers in Asia sold its shares on Taiwan's Stock Market for the first time today and posted the biggest one-day rise for an initial offering in the market's history.
Inventec Appliances stock ended the day at NT$140.5 ($4.17) per share, up more than 30 per cent from its offering price of NT$108, thanks to the work it does for Apple, stock market analysts said.
The Taiwanese contract electronics maker has become famous for making iPods, despite an official policy not to talk about its customers. But at a recent press conference to talk up Tuesday's stock market listing Inventec executives said they had been working with Apple since 1993, and hinted at recent orders from the company.
Alex Kao, a vice president at Masterlink Securities in Taipei, said the ties to Apple helped Inventec Appliances' stock market debut overcome an otherwise hostile environment for stocks.
"I thought it could have been even better, but the overall market isn't very good right now," he said.
Taiwan's main stock index has dropped 6.5 per cent since the beginning of October, closing Thursday at 5,721.31.
Inventec also produces its own line of mobile phones under the OKWAP brand and makes other small gadgets on behalf of clients.
The Taiwanese company's revenue rose to NT$72.2 billion ($2.14 billion) during the nine-month period ending September 30, from NT$42.2 billion during the same period last year. Its net income for the first nine months this year was NT$2.29 billion.