Core Viewpoint - IFBH Limited (06603.HK) successfully listed on the Hong Kong Stock Exchange, closing at HKD 39.50, a 42.09% increase from its final offer price of HKD 27.80 [1][4]. Summary by Relevant Sections IPO Details - IFBH issued a total of 41,666,800 shares, with 20,833,400 shares allocated for public offering and 20,833,400 shares for international offering [1]. - The total proceeds from the offering amounted to HKD 1,158.34 million, with net proceeds of HKD 1,073.93 million after deducting estimated listing expenses of HKD 84.41 million [4][5]. Use of Proceeds - Approximately 30% of the net proceeds will enhance the company's warehousing and distribution capabilities - About 22% will be allocated for brand development - Approximately 13% will strengthen the company's market position in mainland China and expand into Australia, the Americas, and Southeast Asia - Around 5% will improve product development capabilities - About 20% will be used to form strategic alliances and acquisitions in Asia, North America, or Australia - Approximately 10% will be allocated for working capital and other general corporate purposes [6]. Company Overview - IFBH is a Thailand-based company specializing in ready-to-drink beverages and ready-to-eat foods, founded in 2013, and is a leader in introducing natural coconut water to mainland China [6]. - The company's products are also popular in other Asian markets, including Hong Kong, Singapore, and Taiwan, and are beginning to enter other global markets [6]. Financial Performance - Revenue for the period from December 8, 2022, to December 31, 2023, was USD 87.4 million, projected to increase by 80.3% to USD 157.6 million in 2024 [7][8]. - The net profit for the same periods was USD 16.8 million and USD 33.3 million, respectively [7]. - The sales of coconut water accounted for 95.6% of the company's revenue in 2024, with sales in mainland China representing 92.4% of total revenue [8][9]. Cash Flow and Operations - The net cash flow from operating activities was USD 26.9 million for the initial period and is expected to rise to USD 41.8 million in 2024 [10]. - The company has achieved rapid expansion with a lean workforce of 46 employees, all located in Thailand and Singapore [11].

Group 1 - IFBH Limited has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - IFBH is a Thai food and beverage company specializing in coconut water and plant-based snacks, with over 80% year-on-year growth in revenue and net profit projected for 2024 [2][3] - The company is heavily reliant on the Chinese market, which contributes over 90% of its revenue [2][5] Group 2 - IFBH is the second-largest company in the global coconut water market by retail value, holding a market share of 34% in mainland China and 60% in Hong Kong in 2024 [3] - In 2023, IFBH reported revenue of $87.44 million and a net profit of $16.75 million, with projections for 2024 showing revenue increasing to $157.65 million and net profit rising to $33.32 million [4] - The company operates on a light asset model, relying on third-party manufacturers, logistics providers, and distributors, with only 46 full-time employees as of 2024 [4] Group 3 - The top five customers of IFBH accounted for 97.9% and 97.6% of sales in 2023 and 2024, respectively, indicating a high dependency on a few key clients [5] - The revenue contribution from mainland China was 91.4% in 2023 and is expected to be 92.4% in 2024, while contributions from Hong Kong and other markets remain below 10% [6] - The funds raised from the IPO will be used to enhance warehousing and distribution capabilities, expand into Australia, the Americas, and Southeast Asia, strengthen brand presence in mainland China, and for general corporate purposes [9]