Theborn Korea CEO Paik Jong-won hits a drum during a ceremony for the listing of the company at the Korea Exchange in Seoul's financial district of Yeouido, Wednesday. Yonhap

Theborn Korea saw its shares surging more than 50 percent on its stock market debut, Wednesday, after garnering market attention as a food and beverage franchise led by celebrity chef Paik Jong-won.

The company's stock began trading at 46,350 won ($33.24) on the benchmark KOSPI, advancing 36.32 percent from the initial public offering (IPO) price of 34,000 won, while soaring to a high of 64,500 won during intraday trading.

It closed at 51,400 won, up 17,400 won, or 51.18 percent, from the IPO price.

Accordingly, Theborn Korea's market capitalization shot up to 743.6 billion won from 491.8 billion won, which was based on the confirmed offering price after the company amassed 102 billion won during the book-building period from Oct. 28 to Oct. 29.

The company drew attention as it grew fast after it was founded in 1994, focusing on affordable casual dining dishes, desserts as well as coffee and other beverages.

It runs more than 2,900 stores domestically through its 25 dining franchise brands, including Hansin Pocha, Saemaul Restaurant, Hong Kong Banjum, Yeokjeon Udon and Paik's Coffee.

Additionally, the company expanded to the processed food business and hospitality sector.

Last year, it posted record sales of 410.6 billion won.

The company also attracted attention due to its founder and CEO, Paik, who gained fame as an entrepreneur, celebrity chef, and TV personality.

Dubbed South Korea's Gordon Ramsay, Paik recently participated as a judge in the popular Netflix reality show, "Culinary Class Wars," 2024.

Theborn Korea's success was especially noteworthy as multiple prominent companies this year did not fare well on their first day of public trading.

These companies logged 24.86 percent on average on their market debut, raising concerns over the competence of the domestic IPO market.

Moreover, the culinary sector has usually been unpopular among investors.

"Indeed, today is a meaningful day," Paik said.

He said the IPO was "a certificate in the company's path to promote 'hansik' (Korean cuisine) globally," adding "I hope every Korean owns a Theborn Korea stock one day and takes part as a promotional ambassador for hansik."

For Paik, the company's successful IPO is anticipated to push up the value of his stake to about 500 billion won. He is the controlling shareholder of the company, with a 60.8 percent stake.

Meanwhile, the company is geared toward acquiring sauce companies to create synergy with its franchise business.

It said its business model resembles those of conglomerate-owned food suppliers, such as CJ Seafood and Shinsegae Food.

Initially, Theborn Korea sought to go public in 2018 but later postponed its attempt, due to the challenging market conditions caused by the COVID-19 pandemic.