Known as the “Gordon Ramsay of South Korea,” one of that country’s most famous chefs is now also one of the richest culinary figures in the world.
Paik Jong-won took his company, the Born Korea, public on Wednesday, with his stake worth about $324 million, Bloomberg reported. On just the first day of trading, the value of his franchise jumped an impressive 51 percent, with the stock closing at 51,400 won ($36.74) after reaching a peak of 64,500 won ($46.04). That high point was 90 percent above the offer price.
The 58-year-old Paik is a well-known name in the Korean culinary world. He founded the Born Korea back in 1994, Bloomberg noted, and the chain has since grown to some 2,900 locations. Under that umbrella sit 25 distinct brands, including Paik’s Coffee, Hong Kong Banjum, and New Maul Restaurant. Along with the restaurants, Paik is famous for his appearances on TV shows like Netflix’s Culinary Class Wars, which led the streamer’s global weekly TV chart for non-English programs, Bloomberg wrote.
In total, the Born Korea’s IPO raised 102 billion won, or about $72.8 million. That made it the second-biggest debut for South Korean IPOs of the same size or larger this year, according to Bloomberg. Paik himself will keep a 61 percent stake in the company, which could pay off quite well. The analyst Douglas Kim believes that the Born Korea’s sales will rise 13.1 percent compared with the year prior, to 467.7 billion won ($333.8 million), Bloomberg wrote. Net profit, meanwhile, will jump 23.9 percent to 25.9 billion won ($18.5 million), Kim estimates.
While the life of a chef may not be the most financially secure, some celebrity chefs have found ways to make the profession rather lucrative. Gordon Ramsay, for example, is worth an impressive $220 million, according to data shared by École Ducasse, Alain Ducasse’s culinary school. Alan Wong, who helped popularize Hawaiian cuisine, sits at the top of the list with $1.1 billion, while other well-known 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 rather sizable fortune may help him to become better known around the planet as well.
