Thai beverage company IFBH surged 80% in Hong Kong grey market trading.

The Thai beverage company IFBH, which operates the coconut water and young coconut drink brands "if" and "Innococo", closed its subscription on 25th.

238,000 people subscribed for the shares, resulting in an oversubscription of 2,690 times, involving HKD314.8 billion, sources divulged. This beat the 989 times oversubscription of Shouhui Group listed this year, potentially making it the fifth largest IPO in terms of oversubscription this year.

Based on multiple broker data, brokers have so far lent HKD259.483 billion in margin loans for IFBH's IPO. With the public offering portion raising HKD1.16 billion, the margin was oversubscribed by 2,239 times.

The listing of shares expected for June 30.