Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>IFBH Ltd launched its Hongkong IPO aiming to raise up to HK$1,160 million. The company plans to sell 41.7 million shares at HK$25.3–27.8 per share.</li>
<li>IFBH is a ready-to-consume beverage and food company based in Thailand. It enjoys market leader position in the ready to drink coconut water segment in Mainland China.</li>
<li>The growth momentum is expected to continue in the near term. IFBH’s leadership position would help garner volume strength.  We would recommend the investors to subscribe to the issue.</li>
</ul>


IFBH Ltd launched its Hongkong IPO aiming to raise up to HK$1,160 million. The company plans to sell 41.7 million shares at HK$25.3–27.8 per share.
IFBH is a ready-to-consume beverage and food company based in Thailand. It enjoys market leader position in the ready to drink coconut water segment in Mainland China.
The growth momentum is expected to continue in the near term. IFBH’s leadership position would help garner volume strength.  We would recommend the investors to subscribe to the issue.


IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.</li>
<li>IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.</li>
<li>Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there's uncertainty in future prospects. Valuation could be lower than industry average</li>
</ul>


IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.
IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.
Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there's uncertainty in future prospects. Valuation could be lower than industry average


Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a> is looking to raise at least US$100m in its upcoming HK IPO.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



IFBH (IFBH HK) is looking to raise at least US$100m in its upcoming HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In this note, we talk about the company’s historical performance.


IFBH Ltd Pre- IPO - Growth Driven by Coconut Water Products Amid High Concentration Risks

Rosita Fernandes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a>  is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.</li>
<li>IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.</li>
<li>As per CIC, IFBH has led mainland China's coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.</li>
</ul>



IFBH (IFBH HK)  is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.
IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.
As per CIC, IFBH has led mainland China's coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.


HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

Singapore

IFBH Limited manufactures and distributes beverage. The Company mainly provides coconut water-related beverage. IFBH markets its products across worldwide.

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IFBH (6603 HK)

IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy

IFBH launched its HK IPO aiming to raise up to HK$1,160M. The company plans to sell 41.7M shares at HK$25.3–27.8 per share. We would recommend the...

Tina Banerjee

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...

Xinyao (Criss) Wang

IFBH Ltd Pre- IPO - Growth Driven by Coconut Water Products Amid High Concentration Risks

IFBH is now said to be pre-marketing for a US$150m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Akshat Shah

IFBH Pte. Ltd Pre-IPO Tearsheet

IFBH to raise US$100m in Hong Kong IPO led by Citic, specializing in coconut water and plant-based products, dominating markets in mainland China...

Rosita Fernandes

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy

IFBH launched its HK IPO aiming to raise up to HK$1,160M. The company plans to sell 41.7M shares at HK$25.3–27.8 per share. We would recommend the...

Tina Banerjee

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

​IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...

Xinyao (Criss) Wang

IFBH Ltd Pre- IPO - Growth Driven by Coconut Water Products Amid High Concentration Risks

IFBH is now said to be pre-marketing for a US$150m Hong Kong H-share listing. We had looked at the company's past performance in our prior note.

Akshat Shah

IFBH Pte. Ltd Pre-IPO Tearsheet

​IFBH to raise US$100m in Hong Kong IPO led by Citic, specializing in coconut water and plant-based products, dominating markets in mainland China...

Rosita Fernandes

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...

IFBH to raise US$100m in Hong Kong IPO led by Citic, specializing in coconut water and plant-based products, dominating markets in mainland China...