疯狂！港交所IPO，两个月过聆讯！

Core Viewpoint - IFBH Limited ("if椰子水") is preparing for its IPO on the Hong Kong Stock Exchange after passing the hearing, following its initial application two months prior [1]. Group 1: Company Overview - IF椰子水, founded in 2013, is a Thailand-based ready-to-drink beverage and ready-to-eat food company, primarily operating under the if and Innococo brands [2]. - The company has maintained the top position in the coconut water beverage market in mainland China for five consecutive years, with a market share of approximately 34% in 2024, significantly surpassing its closest competitor by over seven times [2]. Group 2: Financial Performance - The company's revenue is projected to increase from $87.4 million in 2023 to $157.6 million in 2024, representing an 80.3% growth [3]. - Net profit is expected to rise from $16.8 million in 2023 to $33.3 million in 2024, marking a 98.9% increase [3]. - Coconut water sales are estimated to account for 95.6% of total revenue in 2024, with revenues from mainland China contributing 92.4% of total revenue [4][6]. Group 3: Business Model - The company operates a light asset model, relying on third-party manufacturers for production, logistics providers for transportation, and distributors for sales and delivery [8]. - The top five customers accounted for 97.9% of total sales in 2023 and 97.6% in 2024, indicating a highly concentrated customer base [8]. Group 4: Supply Chain - The main suppliers are contract manufacturers, with the top five suppliers representing 92.3% of total purchases in 2023 and 96.9% in 2024 [8]. - The company has established long-term relationships with its suppliers to ensure stability in supply [8]. Group 5: Investment and Valuation - The company has undergone multiple rounds of financing, with a pre-investment valuation of $140 million prior to the B2 round [11][14]. - In March 2024, the company completed a share exchange agreement, acquiring all shares of IFB Singapore, which became a wholly-owned subsidiary [12][13].