V3 Group – the Singapore-headquartered parent of TWG Tea and Osim – is set to launch an IPO in Hong Kong, according to regulatory filings quoted by the Business Times.
Its investment arm, V3 Brands Asia, filed an application for a global offering on Monday without disclosing pricing details, the size of the offering or the number of shares up for grabs.
V3 Group’s portfolio of brands includes the Osim massage chair brand, TWG, and nutritional supplement retailer Oni Global. During the nine months to September 30, the company recorded 32.8 per cent year-on-year revenue growth, with post-tax profit increasing 2.5 times, reaching S$72.7 million (US$53.5 million). Greater China, V3 group’s biggest market, accounts for 55.7 per cent of its sales with 271 out of 338 of the group’s own stores worldwide.
The growth reflects the surge in consumer demand for lifestyle and wellness products despite the Covid-19 pandemic. A majority of proceeds is expected to be allocated for repaying syndicate loans.
Founded by Ron Sim with the first store opened in Singapore in 1983, the group expanded into Hong Kong, Taiwan and Malaysia before launching the Osim brand in 2993. In 2000, the brand was listed on the Singapore Exchange. In 2016, Sim privatised the company, delisting from the exchange.
