Spicing Up the Market: How ‘Black and White Chef’ Baek Jong-won’s IPO is Cooking Up a Storm in Korea

Public Offer Stock Subscription to General Investors on 28th and 29th
Public offer price 34,000 won… KOSPI listed on 6th of next month
After the listing, the market capitalization reached 491.8 billion won.
Baek Jong-won’s share is 76.69%… about KRW 299 billion based on the public offering price

[이데일리 박정수 기자] The Born Korea, led by CEO Baek Jong-won, will hold a public offering subscription to general investors for two days starting today.

Baek Jong-won, CEO of The Born Korea (Photo = Adele DB)

According to the financial investment industry on the 28th, The Born Korea will start subscribing to the public offering shares for general investors on this day and on the 29th. The confirmed public offering price is 34,000 won, and it will be listed on the KOSPI market on the 6th of next month. The listing managers are Korea Investment & Securities and The Born Korea, founded by CEO Baek in 1994, operates a restaurant business based on 25 restaurant franchises including △Bakdabang △Hong Kong Bangjeom △Saimaeul △Chaokhin Restaurant. Udon, and △HMR· We are engaged in a distribution business that provides customers with various products such as processed foods and sauces, as well as a hotel business through The Born Hotel in Jeju Island.

Previously, 2,216 domestic and foreign firms participated in The Born Korea Demand Forecast, which was conducted from the 18th to the 24th, recording a competition ratio of 734.67 to 1. The final public offer price of 34,000 won was confirmed as 99.73% of the demand forecast participation volume suggested a price that exceeded the upper end of the desired public offer band of 23,000 to 28,000 won.

Initially, it was predicted that The Born Korea might not attract the attention of institutional investors due to overvaluation of listed franchise companies and negative stock price trends due to demand forecasts, but it was explained that it was a ‘black’ hit at the box office. and White Chef’, in which CEO Baek appeared, gained popularity The Born Korea’s total public offering amount was KRW 102 billion based on confirmed public offering value, and market capitalization was KRW 491.8 billion after listing. The value of CEO Baek, who holds a 76.69% stake in The Born Korea, is expected to reach an estimated 299 billion won based on the public offering price.

After the listing, The Born Korea plans to become a truly global comprehensive food company by upgrading its business and expanding its global business. We are looking to secure stable sales by upgrading our restaurant business and expanding B2B distribution channels in corporate and military catering.

In addition, the company plans to diversify its sales portfolio by launching regional development projects and distributing sauces tailored to local diets and trends through overseas franchises to lead K-Food to become a truly global comprehensive food company.