BRIEF: Coconut water leader IF launches $148 million Hong Kong IPO

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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