Known as “Gordon Ramsay of South Korea“, one of this country’s most famous chefs is now also one of the richest culinary personalities in the world.
Paik Jong-won took his company, Born Korea, public on Wednesday, with a stake worth about $324 million, Bloomberg reported. On the first day of trading, its franchise value jumped 51 percent, with the stock closing at 51,400 won ($36.74) after reaching a high of 64,500 won ($46.04). This high point was 90 percent above the offer price.
Paik, 58, is a well-known name in the Korean culinary world. He founded Born Korea in 1994, Bloomberg noted, and the chain has since grown to some 2,900 locations. Under this umbrella are 25 distinct brands, including Paik’s Coffee, Hong Kong Banjum and New Maul Restaurant. Aside from restaurants, Paik is famous for his appearances on TV shows like Netflix’s. Culinary class warswhich tops the streamer’s global weekly TV chart for non-English programming, Bloomberg wrote.
In total, Born Korea’s IPO raised 102 billion won, or approximately $72.8 million. That makes it South Korea’s second-largest IPO of the same size or larger this year, according to Bloomberg. Paik himself will retain a 61 percent stake in the company, which could prove very profitable. Analyst Douglas Kim estimates that Born Korea’s sales will increase 13.1 percent from the previous year, to 467.7 billion won ($333.8 million), Bloomberg wrote. Net profit, meanwhile, will increase 23.9 percent to 25.9 billion won ($18.5 million), Kim estimates.
While the life of a to cook may not be the most financially secure, some celebrity chefs have found ways to make the profession quite lucrative. Gordon Ramsayfor example, is worth an impressive $220 million, according to the data common by École Ducasse, Alain Ducasse’s culinary school. Alan Wong, who helped popularize Hawaiian cuisine, tops the list with $1.1 billion, while other celebrity chefs also make an appearance: Jamie Oliver with $300 million, Nobu Matsuhisa with $200 million and Ina Garten with $60 million.
Paik may already be a household name in South Korea. His fairly significant fortune could also help him to become better known on the planet.
