บทวิเคราะห์ (Research)

Within just two months to obtain HKSE greenlight, on 30 Jun-25, IFBH (06603 HK), a Singapore-based, Thai firm operates coconut water drink brands “if” and “Innococo”, debuts IPO of 41.7m shares with an opening price of HKD43.2 (+54.7% over HKD27.8 IPO). IFBH’s IPO was a phenomenal success with 238,000 subscribers and 2,690x oversubscription and attracted 11 cornerstone investors worth HKD39.5m, including UBS AM and ICBC Wealth Management. In Thai beverage sector, most players – Energy drink (OSP, CBG), Tea (ICHITAN), Functional drink (SAPPE), fruit juice (MALEE, TIPCO), and coconut water (COCOCO) – are asset-heavy, OEM-driven firms with no or little focus on branding and marketing strategies to enhance value propositions to customers. We think IFBH truly exemplifies a superb strategy to emphasize value creation via “branding” and “marketing”.