[Photo provided by Kyochon F&B Co.]
South Korea’s largest fried chicken franchise operator Kyochon F&B Co. is set to debut on the Kospi market around late October or early November as the Korea Exchange (KRX) gave a green light for its initial public offering (IPO) application on Thursday.
The company plans to submit a securities registration statement to the Financial Services Commission within this month. It would be the first chicken franchise brand to go public on the main Kospi bourse.
Mirae Asset Daewo is the lead underwriter.
Some had questioned about the IPO whose prospectus was submitted on April 23 as the review lasted beyond usual 45 days.
Kyochon F&B, the country’s No.1 fried chicken restaurant and delivery business operator, reported 31.9 billion won ($26.8 million) in operating profit and 369.3 billion won in revenue last year. It currently runs around 1,450 stores nationwide, compared with 700 in 2013.
By Park Jae-young and Choi Mira
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]