IFBH Launches IPO, Aims to Expand Globally with 34% China Market Share

IFBH, a prominent beverage and food company based in Thailand, has initiated its initial public offering (IPO) starting from June 20, 2025. The company, known for its popular "if" and "Innococo" coconut water brands, plans to issue 41.67 million shares. The offering includes an additional 15% over-allotment option, with shares priced between 25.3 and 27.8 Hong Kong dollars per share. The shares are expected to begin trading on the Hong Kong Stock Exchange on June 30, 2025.

IFBH has established itself as a leader in the coconut water beverage market, particularly in mainland China and Hong Kong. The company's "if" brand, launched in 2013, has been instrumental in introducing ready-to-drink natural coconut water to the mainland China market, which remains its largest market. The brand has also gained significant traction in other Asian markets and is expanding into global markets.

According to a report, IFBH is the second-largest coconut water beverage company globally. The company has maintained its leadership position in the mainland China coconut water beverage market since 2020, with a market share of approximately 34% in 2024. This market share surpasses its closest competitor by more than seven times. In Hong Kong, IFBH has held the top position in the coconut water beverage market since 2016, with a market share of approximately 60% in 2024, again surpassing its closest competitor by more than seven times.

The IPO has attracted a strong lineup of cornerstone investors, who have agreed to subscribe to shares worth approximately 39.5 million U.S. dollars at the offering price. The proceeds from the IPO are expected to be approximately 1.022 billion Hong Kong dollars, after deducting underwriting commissions and other estimated expenses. The funds will be allocated as follows: 30% to enhance the company's warehousing and logistics capabilities, 22% to brand building, 13% to consolidate the company's market position and penetration in mainland China and expand into Australia, the Americas, and Southeast Asia, 5% to improve the company's research and development capabilities, 20% to form strategic alliances and make acquisitions in Asia, North America, or Australia to expand the business, and 10% for working capital and other general corporate purposes.

This IPO marks a significant milestone for IFBH, as it seeks to leverage its strong market position and financial performance to further expand its global footprint. The company's robust financial performance in 2024, with revenue reaching 1.58 billion U.S. dollars, a gross profit of 57.9 million U.S. dollars, and an annual net profit of 33.3 million U.S. dollars, underscores its potential for continued growth and success in the global coconut water beverage market.