General Beverage Co Ltd, a Thai beverage manufacturer, is reportedly planning to launch an initial public offering (IPO) in Singapore for one of its units that handles the distribution of its brands, including IF coconut water, to international markets. Sources familiar with the matter revealed that the company is collaborating with financial advisors and aiming for a valuation of approximately S$300 million (equivalent to 8.16 billion baht or US$222 million) for IFBH Ltd through the IPO. The anticipated listing could potentially raise between S$30 million to S$50 million, sources shared on condition of anonymity given the confidential nature of the process.
General Beverage has purportedly filed an application to list on the Catalist platform of the Singapore stock exchange. While discussions are still ongoing, specifics such as the final size and timing of the IPO are subject to change, according to the sources.
Requests for comments from General Beverage went unanswered, and a spokesperson representing the Singapore stock exchange declined to provide any statements.
Initial public offerings have been relatively low in various markets, with Singapore also experiencing subdued activity. Apart from Prosper Cap Corp’s reverse takeover of 3Cnergy Ltd earlier this year, Singapore saw only one listing in 2021 when Singapore Institute of Advanced Medicine Holdings Pte raised approximately $20 million. The previous year marked a decade-low with just six IPOs totaling $32.5 million, as per data compiled by Bloomberg.
