SEOUL – A chef made famous by a hit Netflix show is poised to boost South Korea’s struggling initial public offering (IPO) market, listing his restaurant chain in a deal that may value his stake at about US$180 million (S$237 million).
Investment bankers in the nation are hoping the share sale this week by a restaurant franchise chain founded three decades ago by chef Paik Jong-won will lure investors looking for exposure to Korea’s food industry.
Dubbed South Korea’s Gordon Ramsay, Mr Paik recently featured in Netflix’s Culinary Class Wars show that topped the streaming company’s global weekly TV chart for non-English titles.
At the top of the marketing range, the IPO could raise up to 84 billion won ($80 million) and value Mr Paik’s company, Theborn Korea, as much as 405 million won. While it is a modest deal, it offers a rare chance to bet directly on the country’s culinary sector.
The IPO also comes at an opportune time, just as Korean food is gaining popularity overseas due to the K-culture wave. That has helped create some buzz for the IPO ahead of its pricing on Oct 25.
The 58-year old chef’s profile has grown over time due to his increasing presence in various TV food shows.
Mr Paik has also built up a subscriber fanbase of 6.6 million for his YouTube channel that features food-related videos, from simple recipes that can be recreated at home, to travelling overseas in search of local cuisines.
The IPO is being offered in a marketing range of 23,000-to-28,000 won per share range.
Founded in 1994, the chain of restaurants offers affordable menus and casual dining experiences. The company owns some 25 brands including New Maul Restaurant, Hong Kong Banjum and Paik’s Coffee, operating around 2,900 outlets.
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