(Nov 5): Pinkfong Co priced its initial public offering (IPO) at the top of its marketed range, raising 76 billion won (US$53 million) for the South Korean company behind the Baby Shark jingle, the most-watched YouTube video of all time.
The Seoul-based company sold two million shares at 38,000 won each, after offering shares in a 32,000-38,000 per share range, according to a regulatory filing on Wednesday. That values the education-and-entertainment firm at 545 billion won, according to Bloomberg calculations. The stock will make its debut on Nov 18 on South Korea’s small-cap Kosdaq market.
The deal will make the creator of Baby Shark, which has been viewed more than 16 billion times on YouTube, a public company that will need to convince investors it’s more than a one-hit wonder. Though Pinkfong has gained about 270 million subscribers across its YouTube channels by expanding into games and live performances, the company has struggled to replicate the viral impact of its signature tune.
Douglas Kim, an analyst at Douglas Research Advisory, set a target price of 46,369 won on the stock, or 22% higher than the IPO price. Pinkfong is “one of the most sought-after acquisition candidates in the global animation industry”, he wrote in a report published on Smartkarma on Sept 29.
The pricing came on a day when stocks across the region fell on valuation concerns.
Pinkfong plans to use the proceeds to expand globally, invest in 3D content and artificial intelligence, according to its prospectus. Co-founder Kim Min-seok owns 18.44% of the company before the IPO, and his stake will be valued at about 86.5 billion won at the IPO price, based on Bloomberg calculations.
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Mirae Asset Securities Co and Samsung Securities Co are joint lead managers.
Pinkfong’s business stretches beyond YouTube clicks. The viral tune has led to licensing and merchandising businesses, with plush toys, apparel, breakfast cereals and even bandages sold through retailers including Walmart Inc and Amazon.com Inc. The company has also moved into apps, TV programming, live shows and a feature film — turning a single hit into multiple revenue streams.
Analysts estimate that Baby Shark alone brings in tens of millions of dollars annually, but recurring revenue increasingly comes from merchandising and spin-off content.
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Pinkfong’s business is also shifting towards higher-margin digital content, which helped raise its operating margin to 20% in the first half of 2025 from 3.2% in 2022.
Uploaded by Tham Yek Lee
