IFBH seeks Hong Kong IPO as coconut water bottler exits Singapore to be near China market

IFBH Limited switches its listing plan to Hong Kong from Singapore because of the HKEX’s ‘strong connectivity’ with mainland China, its largest market, it says

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Published: 6:00pm, 10 Apr 2025Updated: 6:12pm, 10 Apr 2025

The world’s second-largest bottler of coconut water applied to list in Hong Kong via an initial public offering (IPO), decamping from Singapore as it joins a cavalcade of companies that are braving turbulent stock markets to raise capital.

IFBH Limited, a Thai company that is incorporated in Singapore, said it plans to raise money to strengthen its fulfillment capabilities, build its brand, solidify its market presence and penetration in mainland China, and expand its global footprint, according to a prospectus submitted on Wednesday, without disclosing its IPO target.

This would be the second fundraising attempt by IFBH, which started bottling coconut water under the “If” brand in Bangkok in 2013. The company sought to raise between S$30 million and S$50 million (US$37.3 million) last year in Singapore, according to Bloomberg.

The switch to Hong Kong would be welcome news for Hong Kong Exchanges and Clearing Limited (HKEX), as it claws its way to the top of the world’s fundraising league table, which it occupied in seven of the past 16 years.

Pongsakorn Pongsak, CEO of IFBH Limited, during the SIAL Shanghai 2024 trade fair on May 28, 2024. Photo: Handout

The company’s coconut water is on sale at Watsons stores in Hong Kong for HK$12.50 for a 350ml bottle, or HK$240 for a 24-bottle pack.

“We are the leader in the coconut water-related beverage market in mainland China and Hong Kong,” IFBH said in its prospectus. Its 2024 revenue surged 80 per cent from a year earlier to US$157.6 million, while sales from mainland China and Hong Kong made up 92.4 per cent and 4.6 per cent of total revenue, respectively.