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Image Source: Netflix |
[Alpha Biz= Reporter Kim Sangjin] The franchise company The Born Korea has successfully attracted interest in its initial public offering (IPO) by confirming a public offering price above its desired range during the institutional investor demand forecast for its listing on the KOSPI (Korea Securities Market).
As of October 26, according to financial industry sources, The Born Korea conducted a demand forecast on October 25 for institutional investors, setting the offering price at 34,000 KRW per share, which is 21% higher than the upper limit of its initial price range of 23,000 to 28,000 KRW.
A total of 2,216 institutions participated in the demand forecast, resulting in a competition ratio of 734 to 1. Notably, 98% of the participating institutions offered prices exceeding the upper limit of the public offering price. The commitment to hold shares without selling for a specific period was set at a relatively high rate of 10%.
Following its listing, The Born Korea is expected to have a corporate value of approximately 491.8 billion KRW, raising around 100 billion KRW through this IPO. The popularity of its well-known consumer brands, such as Baekdabang, along with the success of the Netflix cooking competition show "The Chef Show," featuring representative Baek Jong-won, are considered key factors contributing to the offering's success.
The Born Korea is the first franchise company to enter the stock market since Kyochon Chicken's IPO four years ago in 2020. The company will open subscription for individual investors over two days on October 28-29, with plans to list on the KOSPI on November 6.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
