Celebrity chef Paik Jong-won's food biz aims to go public

Culinary star Paik Jong-won promotes his show "Paik's Spirit" which aired on Netflix. Courtesy of Netflix

Theborn Korea, a food franchise business led by Korean culinary star Paik Jong-won, aims to go public by the end of this year. It is the second attempt by the company to go public since a failed effort in 2018.

According to the investment banking industry on Thursday, Theborn Korea has designated two local securities firms — NH Investment & Securities and Korea Investment & Securities — as its lead underwriters for the IPO procedure.

The food business company is expected to submit a preliminary application for listing review to the Korea Exchange (KRX), the bourse operator, as soon as the first half of this year. Paik's company plans to debut on the main benchmark KOSPI market.

Theborn Korea's previous attempt to go public was thwarted due to a 20 percent year-on-year decrease in its earnings that year. The outbreak of the COVID-19 pandemic also contributed to the company's postponement of its listing goal.

Turning the pandemic crisis into an opportunity, Theborn Korea's earnings have been on an upward trend since 2020. The company's annual revenue, of 282.2 billion won ($211 million) in 2022, is not only a record high for the firm, but also an increase of over 87 percent from its annual performance in 2020 where it posted 150.7 billion won.

When it comes to operating profit, the company logged an all-time high of 25.8 billion won in 2022, more than tripling its 2020 operating profit.

Continuing the solid growth trend, the company is estimated to have achieved another strong annual performance last year as well. Once its upcoming audit report for 2023 comes out in April, it is expected to proceed with the IPO process.

This year also marks the 30th anniversary of the founding of Theborn Korea. Founder and CEO Paik had earlier stated in interviews with media outlets in 2022 that his food business aims to go public in 2024, "commemorating the 30th anniversary of the company." The star chef currently owns a 76.79 percent stake in Theborn Korea.

Founded by Paik in 1994, Theborn Korea now operates some 20 iconic food brands that are highly popular in Korea, including Bornga, Paik's Noodle, Paik's Bibim, Saemaeul Restaurant, Paik's Coffee, Hanshin Pocha and Ball Katsu. Many of his brands have now advanced into overseas markets, including major cities in the U.S., China, Japan and Southeast Asia. The company also runs Hotel Theborn Jeju on Jeju Island.