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Thai Beverage Powerhouse IFBH Makes Explosive Debut in Hong Kong Stock Market, Shares Surge 42%
HONG KONG — Thai beverage company IFBH, the producer behind China’s top-selling coconut water brand “IF,” made a remarkable debut on the Hong Kong Stock Exchange on Monday, with shares skyrocketing 42% on its first day of trading. The stock closed at HK$39.50, a significant jump from its IPO price of HK$27.80, pushing the company’s market capitalization to approximately $1.3 billion.
The strong investor appetite enabled IFBH—short for IF Beverage Holdings—to raise HK$1.16 billion (US$145 million) through the sale of 41.7 million shares, priced at the top end of the marketed range of HK$25.30 to HK$27.80.
Founded by Thai entrepreneur Pongsakorn Pongsak, who also serves as CEO, IFBH’s IPO marks a major milestone for the Bangkok-based company. The 45-year-old now commands a net worth of around $807 million, based on his 60% stake in IFBH—a holding he controls directly and via General Beverage, the parent company where he owns a 91% stake.
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Backed by High-Profile Cornerstone Investors
IFBH's IPO attracted a roster of heavyweight cornerstone investors including:
- Black Dragon, a fund backed by Soopakij Chearavanont, chairman of Thai conglomerate CP Group
- HongShan’s HCEP Management
- Jain Global, founded by ex-Millennium co-CIO Bobby Jain
- Jane Street, a prominent U.S. trading firm
- UBS Asset Management
Additionally, Temasek, Singapore’s sovereign wealth fund, was an early investor prior to the IPO.
Asia’s Coconut Water Leader Eyes Global Expansion
Known for its IF-branded coconut water, IFBH has rapidly emerged as a dominant player in the ready-to-drink natural beverages segment across Asia. The product—a clear, slightly sweet liquid extracted from young coconuts—is especially popular among health-conscious consumers. In 2024, the brand generated $362 million in retail sales in China, making it the largest coconut water brand in the country, according to China Insights Industry Consultancy.
Globally, IFBH reported $374 million in retail sales last year, placing it as the second-largest coconut water company in the world, just behind New York-based Vita Coco.
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| Pongsakorn Pongsak (right), founder and CEO of IFBH, attends the company's listing ceremony at Hong Kong's stock exchange on June 30, 2025. |
Financially, IFBH saw its revenue jump 80% year-on-year to $157.6 million in 2024, while net profit nearly doubled to $33.3 million, largely driven by soaring sales volume in mainland China, which accounted for more than 92% of its revenue. Other key markets include Hong Kong (4.6%), and countries such as Australia, the U.S., Malaysia, Singapore, and Taiwan.
Despite its expanding global footprint, IFBH operates with a lean team of just 46 employees, relying on an “asset-light” model. It outsources production and distribution to General Beverage and third-party partners, allowing the company to focus on branding, marketing, and innovation.
Strategic Use of IPO Funds
According to its IPO prospectus, IFBH will channel the newly raised capital to:
- Enhance fulfillment and logistics capabilities
- Deepen market penetration in mainland China
- Expand operations across Australia, the Americas, and Southeast Asia
- Invest in product innovation and sustainable sourcing
At the IPO listing ceremony, Pongsakorn stated, “Over the years, we have grown into one of the leading natural coconut water brands in Asia. Looking ahead, we are excited to continue investing in innovation, strengthening our sourcing capabilities, and growing our brand sustainability.”
From Startup to Stock Market Success
Pongsakorn launched General Beverage in 2011 and debuted the IF coconut water brand in 2013. Initially available in Hong Kong by 2015, the drink made its way to mainland China in 2017, where it quickly gained traction. Since then, the brand has evolved to include localized offerings such as coconut black tea in China and plant-based snacks like coconut crispy rolls.
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In 2022, he spun off IFBH to oversee operations outside Thailand, setting the stage for its blockbuster IPO.
Hong Kong IPO Market Revival
IFBH’s listing adds momentum to a resurgent Hong Kong IPO market, which is witnessing a strong comeback in 2025. According to Hong Kong Exchanges and Clearing, there have been 41 IPOs year-to-date (as of June 26), collectively raising more than HK$104 billion. Other notable IPOs include Zhou Liu Fu Jewellery, whose shares surged nearly 70% in two days, propelling its chairman into the billionaire ranks.
With Chinese tech stocks regaining investor confidence and U.S.-China tensions prompting more Chinese firms to list locally, Hong Kong is poised to reclaim its title as the world’s top IPO destination in 2025.
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