Theborn Korea, the restaurant franchise founded by South Korean celebrity restaurateur Baek Jong-won, successfully went public on the Korea Stock Exchange (KOSPI) on Nov. 6. Unlike recent newly listed stocks that saw their prices tumble right after going public, Theborn surged over 60% in early trading, bucking fears of a broader market downturn.
“Today is a meaningful day,” Baek said at the IPO ceremony held at the Korea Exchange in Seoul. “I founded the business in 1993 and endured hard days, but thanks to the dedication of my colleagues, we finally made it here.”
Baek, a household name in Korea, shared his vision for going public to promote Korean cuisine globally. “This IPO is a credential of sorts, the first step in spreading Korean food to the world,” he said. “My dream is for everyone in Korea to own a share in Theborn Korea, so they can become shareholders and ambassadors for Korean food.”
Theborn Korea’s IPO drew significant interest in September when the company filed a securities report with the Financial Services Commission, kicking off its listing process. Competition was fierce, with a subscription ratio of 772.8-to-1 among retail investors and a total subscription deposit of approximately 11.8 trillion won. The IPO price was set at 34,000 won, exceeding the upper limit of the target price range.
