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Biz News Korea(Eng)
Ediya Coffee plans IPO in Kospi next year
- Collected
- 2017.12.18
- Distributed
- 2017.12.19
- Source
- Go Direct
Ediya Coffee said on Sunday it has signed a contract with a securities firm Mirae Asset Daewoo Co. to go public on the Kospi market by the end of next year. Some local food franchises including MP Group Inc., Haimarrow Food Service Co. and Didim Inc. were listed on the main bourse, but none of them are coffee franchises.
Ediya Coffee operates about 2,300 outlets across Korea, the largest number of shops for a local chain. It posted 15.7 billion won ($14.4 million) in operating profit last year on sales of 153.5 billion won, outperforming its money-losing local rivals including Caffe Bene, Tom N Toms Coffee, Coffine Gurunaru and Café Droptop and raising expectations that its IPO would successfully draw attention from investors.
Details of the IPO are unknown.
Ediya Coffee is expected to use the proceeds to build a coffee roasting factory. It has recently invested 6.4 billion won to purchase a land of 12,983 square meters in Pyeongtaek, Gyeonggi Province from InkTec Co.
By Lee Hee-soo and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]