The South Korean chef Paik Jong-won is now one of the richest chefs in the world, after taking his company, the Born Korea, public.
The Only Known Letter Signed by Thomas Jefferson, Ben Franklin, and John Adams Is Headed to Auction,” one of that country’s most famous chefs is now also one of the richest culinary figures in the world.. On just the first day of trading, the value of his franchise jumped an impressive 51 percent, with the stock closing at 51,400 won after reaching a peak of 64,500 won . That high point was 90 percent above the offer price.
The 58-year-old Paik is a well-known name in the Korean culinary world. He founded the Born Korea back in 1994, Bloomberg noted, and the chain has since grown to some 2,900 locations. Under that umbrella sit 25 distinct brands, including Paik’s Coffee, Hong Kong Banjum, and New Maul Restaurant. Along with the restaurants, Paik is famous for his appearances on TV shows like Netflix’s, which led the streamer’s global weekly TV chart for non-English programs, Bloomberg wrote.
In total, the Born Korea’s IPO raised 102 billion won, or about $72.8 million. That made it the second-biggest debut for South Korean IPOs of the same size or larger this year, according to Bloomberg. Paik himself will keep a 61 percent stake in the company, which could pay off quite well. The analyst Douglas Kim believes that the Born Korea’s sales will rise 13.1 percent compared with the year prior, to 467.7 billion won , Bloomberg wrote. Net profit, meanwhile, will jump 23.9 percent to 25.
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