Core Viewpoint - IFBH Limited, a Thai coconut water company, has opted for a listing on the Hong Kong Stock Exchange instead of Singapore, aiming to enhance brand visibility in mainland China and Hong Kong, where 97% of its revenue is generated [1][4]. Summary by Sections 1. IPO Information - Company Name: IFBH (06603.HK) [1] - Industry: Food and Beverage [1] - Offering Period: June 20 to June 25 [1] - Total Shares Issued: 41.67 million shares, with 10% for public sale and 90% for international placement [1] - Offering Price: HKD 25.3 to 27.8 [1] - Market Capitalization: HKD 6.747 billion to 7.413 billion [1] - Price-to-Earnings Ratio: 27 times [1] - Minimum Subscription Amount: HKD 5,616 [1] - Listing Date: June 30 [1] - Sponsor: CITIC [1] - Cornerstone Investors: 11 cornerstone investors subscribed for 28% of the offering [1] 2. Company Overview - IFBH was established in 2013 and focuses on coconut water, with two main brands: "if" for natural coconut water and "Innococo" for sports drinks [1]. - The company entered the mainland China market in 2017 and has maintained the top market position in coconut water beverages for five consecutive years, with a market share of approximately 34% in 2024 [4][7]. - In Hong Kong, IFBH has also been the market leader for nine years, holding a market share of about 60% in 2024 [4]. 3. Financial Performance - Revenue for 2023 and 2024 is projected at USD 87.44 million and USD 157.65 million, respectively, indicating a year-on-year growth of 80.3% [5][6]. - Net profit for the same periods is expected to be USD 16.75 million and USD 33.32 million, reflecting a year-on-year increase of 98.8% [5][6]. - Coconut water beverages account for 95.6% of total revenue in 2024, with mainland China contributing 92.4% of the income [7]. 4. Operational Model - IFBH operates on a light-asset model, outsourcing production to Thai factories and relying on distributors for sales, with only two distributors in mainland China [9][10]. - This "three-no" structure (no self-built factories, no inventory pressure, no complex branches) allows for low-cost and rapid expansion [10]. 5. Market Potential - The coconut water beverage market in mainland China is experiencing explosive growth, with a projected market size increase from USD 50 million in 2019 to USD 1 billion in 2024, representing a compound annual growth rate of 82.9% [12]. - IFBH's positioning as a provider of "100% pure natural Thai coconut juice" aligns with consumer demand for clean labels and natural health beverages [12]. 6. Competitive Landscape - The competitive environment is intensifying with local brands and new entrants vying for market share, including established players like Coconut Tree and Wahaha [12]. - IFBH's gross margin is 36.7%, compared to competitors like Nongfu Spring at 58% and Master Kong at 44.8% [13]. 7. IPO Details - IFBH's IPO will raise approximately HKD 1.1 billion, with cornerstone investors committing to HKD 310 million [14]. - The company is expected to be included in the Hong Kong Stock Connect program, enhancing its market accessibility [14].
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