Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Kyochon F&B IPO Bookbuilding Results (Good, Bad, & The Ugly)

Korea M&A Spotlight: A Buyout of Haimarrow Food Service

Mom's Touch - A Chicken Burger Franchise With Loyal Customers in Korea

Asian E-Wallets Plant Their Flags: An In-Depth Analysis of the Top-10 Players

Razer's Bank Bid: Death Adder Overeating?

Equity Capital Markets

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<p>The fried chicken business is big in Korea. Established in 1991, Kyochon F&amp;B ("Kyochon Chicken") is the top fried chicken franchise in Korea and it is getting ready to complete its IPO in November. In the world of F&amp;B, you have Coke vs. Pepsi, Shake Shack vs. Five Guys, and McDonalds vs. Burger King. In the Korean fried chicken business, you have Kyochon vs. other major players including BBQ, BHC, and Pelicana. </p>
<p>The IPO price range of Kychon F&amp;B is from 10,600 won to 12,300 won. The IPO base deal size is from $53 million to $61 million. The expected market cap after the IPO is from 267 billion won to 310 billion won, according to bankers' valuation. The book-building for the institutional investors starts on 28 October 2020.</p>
<p>Kyochon F&amp;B is much smaller in size than the top three IPOs in Korea this year (SK Biopharm, Kakao Games, and Big Hit Entertainment). However, we believe that the Kyochon F&amp;B will draw a lot of interest among many institutional investors, especially that have long-term investment horizons. </p>
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The fried chicken business is big in Korea. Established in 1991, Kyochon F&amp;B ("Kyochon Chicken") is the top fried chicken franchise in Korea and it is getting ready to complete its IPO in November. In the world of F&amp;B, you have Coke vs. Pepsi, Shake Shack vs. Five Guys, and McDonalds vs. Burger King. In the Korean fried chicken business, you have Kyochon vs. other major players including BBQ, BHC, and Pelicana. 
The IPO price range of Kychon F&amp;B is from 10,600 won to 12,300 won. The IPO base deal size is from $53 million to $61 million. The expected market cap after the IPO is from 267 billion won to 310 billion won, according to bankers' valuation. The book-building for the institutional investors starts on 28 October 2020.
Kyochon F&amp;B is much smaller in size than the top three IPOs in Korea this year (SK Biopharm, Kakao Games, and Big Hit Entertainment). However, we believe that the Kyochon F&amp;B will draw a lot of interest among many institutional investors, especially that have long-term investment horizons. 


Haimarrow Food Service Co Ltd (220630 KS)

Kyochon F&B IPO Preview - Korean Fried Chicken At Its Best