A Paik’s Coffee outlet in Seoul, South Korea. Credit: yllyso/Shutterstock.

South Korean coffee franchise Paik’s Coffee is set for significant growth both domestically and internationally.

The chain’s parent company, TheBorn Korea, has filed a preliminary initial public offering (IPO) review, aiming to go public by the end of 2024, World Coffee Portal has reported.

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The proceeds from the IPO will bolster the expansion of its retail and franchise operations, which include restaurant chains Bornga, Saemaeul and Paik’s Bibim.

Paik’s Coffee was founded by TV celebrity chef Paik Jong-won in 1994.

Paik himself holds a substantial 76.69% stake, while the company vice-president Kang Seok-won owns 21.09%.

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Officials from the investment banking sector estimate the group’s value at Won400bn ($291m).

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In the year ending 31 December 2023, TheBorn Korea reported a 45% increase in year-on-year sales, reaching Won410bn.

Net profit saw a 31% rise to Won20.9bn.

The company made a previous IPO attempt in 2018 that was withdrawn due to lacklustre investor interest.

Paik’s Coffee, initially launched as Wonjobuks Coffee in Seoul in 2006 and rebranded in 2015, has experienced rapid growth.

The chain opened 300 domestic stores in 2023, bringing the total to more than 1,400 outlets.

The brand’s popularity, particularly among students, for its affordable prices and extensive iced beverage selection, has been a key factor in its success.

With the new funding, TheBorn Korea plans to introduce Paik’s Coffee to international markets where it already operates its restaurant brands. These include Japan, Vietnam, Malaysia, the US and Canada.

Another South Korean coffee chain, Mega Coffee, made its international debut by opening its first store in Ulaanbaatar, Mongolia, on 30 May 2024.