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Paik Jong-won's Theborn Korea collects over $8.5 billion for IPO

Published: 29 Oct. 2024, 18:16 Updated: 29 Oct. 2024, 18:34

KIM JU-YEON
[email protected]

Theborn Korea CEO and founder Paik Jong-won speaks at a press conference about the company’s initial public offering (IPO) at Conrad Seoul in Yeouido, western Seoul, on Monday. [NEWS1]

Culinary expert Paik Jong-won's food and beverage company Theborn Korea collected more than 11.83 trillion won ($8.5 billion) in subscription deposits for its initial public offering (IPO), the firm's financial supervisor, Korea Investment & Securities, said Tuesday.

The brokerage firm said the subscription rate for retail investors reached 772.80 to 1.

Over 670,000 retail investors bought a total of 695,519,240 shares during the retail subscription period that ran from Monday through Tuesday.

A total of 2,216 institutions had participated in book building for Theborn Korea, with a subscription rate of 734.67 to 1. Shares were priced at 34,000 won.

The public offering price was 21.4 percent over the top of the targeted range of 23,000 won to 28,000 won.

Theborn Korea operates 25 food and beverage franchises including Paik's Coffee and Hansin Pocha. It also runs a hotel on Jeju Island, retails processed goods and manages CEO and founder Paik's media appearances.

The company had first filed for a Kospi listing in 2018 that was postponed due to the Covid-19 pandemic.

Theborn Korea is set to make its stock market debut on Nov. 6.

BY KIM JU-YEON [[email protected]]