Clifford Chance

Clifford Chance advises on Thai coconut water company IFBH’s IPO and listing in Hong Kong

Global law firm Clifford Chance has advised CITIC Securities (Hong Kong) Limited and CLSA Limited as the sole sponsor and sole overall coordinator for coconut water company IFBH Limited (IFBH) on its initial public offering and listing on the Main Board of the Hong Kong Stock Exchange, raising approximately HK$1.16 billion (US$148 million).

Partner Jean Thio said, "The successful listing of IFBH reflects Hong Kong’s strength as a leading fundraising hub for South East Asian companies and its efforts to attract issuers from beyond Hong Kong and Mainland China. This deal is a major milestone for the Exchange, being the first IPO in recent years from a company headquartered outside Greater China."

Partner Virginia Lee added, "We’re proud to support this milestone deal, which adds to our track record of advising on high-profile IPOs – particularly as IFBH, the market leader in coconut water-related beverage in Mainland China and Hong Kong, joins a growing roster of standout listings."

Jean and Virginia co-led the deal, with support from teams in Hong Kong and Singapore consisting of counsel Claire Cao, senior associate April Zhang, associates Elaine Lau and Didi Hu, trainee solicitor Luna Wang and legal assistant Hardy Ye.

Incorporated in Singapore, IFBH is a Thai ready-to-consume beverage and food company. IFBH is the second largest coconut water beverage company globally. Its flagship if brand of ready-to-drink, natural coconut water is the top-selling coconut water beverage in Mainland China and Hong Kong.

Clifford Chance has advised on the successful listings of several consumer companies, particularly in the food and beverage sector, most recently advising on Foshan Haitian Food and Flavoring’s US$1.29 billion listing, as well as the listings of China Resources Beverages, Auntea Jenny and ChaPanda.