Singapore Billionaire Ron Sim’s Revamps V3 Group As Unit Revives Hong Kong IPO

Billionaire Ron Sim has revamped his privately held V3 Group into three core businesses after its consumer brands segment revived plans to list on the Hong Kong bourse.

V3 Brands Asia—which includes the group’s flagship high-end massage chair maker OSIM and TWG Tea—had last month filed an IPO application to Hong Kong’s stock exchange. The company scrapped its 2018 IPO due to market volatility, and opted to sell close to 30% of the company to U.S. private equity firm KKR for $370 million.

The Singapore-based company is preparing to list as earnings surge even as the Covid-19 pandemic disrupted the global economy. The company’s net profit soared 153% to S$72.7 million ($53.3 million) in the nine months ended September 30 from the previous year, while revenue improved 33% to S$332.8 million, according to its IPO filing.

“The brands and businesses under V3 Group performed well in 2021, underscoring the group’s growth potential and resilience despite an ongoing global pandemic,” Sim, executive chairman of V3 Group, said in a statement. “The establishment of our key business units will further sharpen our business building approach, strengthen our focus, and give us added flexibility as we pursue growth.”

Besides the consumer business held under V3 Brands Asia, the company has established V3 Capital to seek thematic investment opportunities in the global markets, generate value and help spur innovation. Its V3 Assets hold the group’s interest in healthcare and real estate, including a substantial stake in Perennial Holdings, which has assets across China, Indonesia, Malaysia, Myanmar, Singapore and Sri Lanka.

“We strongly believe in the continued growth of Asia’s consumer sector,” Jaka Presatya, Singapore-based partner at KKR, said in a statement. “This re-organization by V3 Group will further enhance its ability to build brands and capture opportunities across Asia and beyond.”

Sim, who founded OSIM four decades ago and grew it into a global brand, delisted the company from the Singapore bourse in 2016. With a net worth of $1.3 billion, Sim, 63, was ranked No. 35 on the list of Singapore’s 50 Richest that was published in August.