IFBH Ltd. (6603.HK), parent of the popular IF coconut water brand, launched its Hong Kong IPO on Friday, aiming to sell 41.7 million shares for between HK$25.30 and HK$27.80 apiece to raise about HK$1.16 billion ($148 million). Share subscriptions will close on June 25, with a trading debut set for June 30.
IF has dominated the Chinese coconut water market since 2020, reigning as the top-selling brand for five consecutive years, giving it 34% of the market last year. The brand has been the leader in Hong Kong since 2016, commanding 60% of the market.
The company’s 2024 revenue surged 80% year-over-year to $158 million. Last year, its profit skyrocketed 98% year-over-year to $33.32 million, with coconut water contributing 95.6% of total sales. Its gross profit margin expanded to 37.2% last year, marking a 170-basis-point improvement from 2023’s 35.5%.
By Lau Chi Hang
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