Thai drinks maker General Beverage Co is planning a Singapore initial public offering for a unit that distributes its brands including IF coconut water overseas, according to people familiar with the matter.

The company is working with financial advisers and seeking a valuation of about S$300 million for IFBH Ltd in a listing that could raise S$30 million to S$50 million, the people said, asking not to be identified as the process is private. 

General Beverage has submitted an application to list on the Singapore stock exchange’s Catalist platform, the people said. Deliberations are ongoing and details such as size and timing could change, they said.

General Beverage didn’t respond to a request for comment. A representative for Singapore’s stock exchange declined to comment. 

First-time share sales have been subdued in many markets, and Singapore is no exception. Aside from Prosper Cap Corp’s reverse takeover of 3Cnergy Ltd in January, the city-state has hosted only one listing this year, when Singapore Institute of Advanced Medicine Holdings Pte raised about US$20 million. And last year was the weakest in more than a decade, with only six IPOs for a total of US$32.5 million, data compiled by Bloomberg show.

  - Bloomberg