Celebrity chef Paik Jong-won's Theborn Korea files for Kospi listing

Industry

Celebrity chef Paik Jong-won's Theborn Korea files for Kospi listing

Published: 30 May. 2024, 14:29 Updated: 30 May. 2024, 19:04

Paik Jong-won, CEO of Theborn Korea, delivers a speech at a signing ceremony for a memorandum of understanding with the Ministry of Patriots and Veterans Affairs on the promotion of the Korean Patriots and Veterans Culture Festival in May. [NEWS1]

Theborn Korea, a food and beverage company operated by celebrity chef CEO Paik Jong-won, is pushing to go public on the country’s main bourse.

Theborn Korea filed for a preliminary review for the listing on Wednesday, and selected Korea Investment & Securities and NH Investment & Securities as its IPO managers, the Korea Exchange said.

The company plans to issue 2 million shares at a valuation between 350 billion ($255.8 million) and 400 billion won, according to the industry insiders.

Founded in 1994, Theborn Korea engages in restaurant and beverage franchise operations and the distribution of ready-to-eat meals. It operates around 25 food brands with flagship franchise restaurants including Saemaeul Sikdang, Baekdabang, Hong Kong Banjeom, Rolling Pasta and Yeokjeon Udon.

While the food franchise giant saw a slight decrease in operating sales last year to 25.6 billion won from 25.8 billion won in 2022, it reached its highest-ever revenue last year at 410.7 billion won, a 45.5 percent hike compared to the previous year, according to its financial statement.

CEO Paik is the largest shareholder with a 76.69 percent stake in the company.

During its review process for the IPO, Theborn Korea plans to highlight its resilience in overcoming the downturn in the restaurant industry caused by the COVID-19 pandemic.

This is the second move for a Kospi listing by the company after an attempt in 2018 that was postponed due to the outbreak of the pandemic.

As the Korea Exchange’s preliminary review process takes about 45 days before approval is granted, the results are expected by the end of July. However, if additional materials are requested during the review, the listing could be delayed.

BY CHOI HAE-JIN [choi.haejin@joongang.co.kr]