IFBH Limited, a Thai company that is incorporated in Singapore, said it plans to raise money to strengthen its fulfillment capabilities, build its brand, solidify its market presence and penetration in mainland China, and expand its global footprint, according to a prospectus submitted on Wednesday, without disclosing its IPO target.
This would be the second fundraising attempt by IFBH, which started bottling coconut water under the “If” brand in Bangkok in 2013. The company sought to raise between S$30 million and S$50 million (US$37.3 million) last year in Singapore, according to Bloomberg.
The company’s coconut water is on sale at Watsons stores in Hong Kong for HK$12.50 for a 350ml bottle, or HK$240 for a 24-bottle pack.
“We are the leader in the coconut water-related beverage market in mainland China and Hong Kong,” IFBH said in its prospectus. Its 2024 revenue surged 80 per cent from a year earlier to US$157.6 million, while sales from mainland China and Hong Kong made up 92.4 per cent and 4.6 per cent of total revenue, respectively.
