IFBH, the Thai company behind the IF-branded bottled coconut water, started trading in Hong Kong on June 30, 2025.

IFBH, the Thai company behind China’s largest coconut water brand IF, saw its shares jump 42% in its Hong Kong stock market debut Monday, boasting a market cap of $1.3 billion.

IFBH ended its first day trading at HK$39.5, up from the HK$27.8 per share set for the initial public offering. The company, a subsidiary of Bangkok-based General Beverage, raised HK$1.16 billion ($145 million) from the sale of 41.7 million shares at the top end of a marketed range of HK$25.3 to HK$27.8.

The stock surge gave Pongsakorn Pongsak, IFBH’s founder, CEO and largest shareholder, a net worth of $807 million, propelling the 45-year-old into the ranks of Thailand’s wealthiest people. Forbes estimates Pongsakorn’s wealth based on his 60% stake in IFBH, which he holds directly and through General Beverage. Pongsakorn holds a 91% stake in General Beverage, which in turn owns 60% in IFBH.

IFBH’s IPO has attracted a roster of big-name cornerstone investors, including Black Dragon, an investment fund backed by Soopakij Chearavanont, the chairman of Thai agriculture-to-telecoms conglomerate Charoen Pokphand (CP) Group and the eldest son of billionaire

© Forbes