Kudun and Partners is pleased to announce our role as legal counsel to a consortium of strategic shareholders consisting of a Hong Kong entity; Singaporean fund; and a Thai investment firm—in connection with the initial public offering and listing of IFBH Limited on the Main Board of the Hong Kong Stock Exchange (HKEX).
This milestone transaction marks the successful debut of IFBH that owns and operates two of Thailand’s beverage brands, IF and INNOCOCO. The IPO was met with overwhelming investor enthusiasm, pricing at HKD 27.80 per share and closing on the first day of trading at HKD 39.50—a more than 40% increase—placing the company’s market capitalization at approximately HKD 10.85 billion (approximately USD 1.38 billion) as of July 17, 2025. To date, only a few Thailand-originated brands have achieved this successful milestone.
Kudun and Partners served as Thai counsel to the shareholders, with Llinks Law Offices of Hong Kong as co-counsel, and played an instrumental role in managing the cross-border legal complexities arising from shareholder arrangements and multi-jurisdictional regulatory requirements. Our support included advising on Thai corporate structuring, regulatory compliance, and the alignment of shareholder interests across Thailand, Singapore, and Hong Kong, helping to ensure a smooth and timely listing process.
Mayuree Sapsutthiporn, partner at Kudun and Partners and Thai counsel on the transaction, commented, “This IPO marks a major milestone for HKEX, marking a rare listing in recent years from a company outside Greater China. We believe that Hong Kong, with its depth and global investor base, represents a significantly larger market for companies like IFBH. This IPO could serve as a catalyst for more Thai-listed companies to explore secondary listings on the HKEX. We are proud to have represented the investors and remain confident in Greater China’s role as a growth engine in driving the global expansion of Thai consumer brands.”
The IPO was led by CITIC Securities (Hong Kong) Limited as sole sponsor, with CLSA Limited and BOCI Asia Limited serving as joint global coordinators and bookrunners, and Clifford Chance acting as legal counsel to the underwriters.
Kudun and Partners, led by Mayuree Sapsutthiporn, partner, together with Peerasanti Somritutai, partner and Chavisa Jinanarong, associate, are proud to have contributed to this landmark transaction, which underscores our strength in cross-border capital markets work and our dedication to advancing Southeast Asian investment in international markets.
