Shares of South Korean company The Pinkfong Company surged more than 60% on its KOSDAQ debut on November 18. The company is best known for its hit song “Baby Shark.”
The shares initially opened at $26.20 and rose to $42.40 on the opening day. The price has since stabilized around $27.30. The IPO raised about $51.8 million, the upper end of its target range.
Pinkfong plans to use the proceeds from the IPO to create new characters, produce premium animations and open global pop-up stores.
Founded in 2010 as SmartStudy, Pinkfong produces content for children, and its hit song “Baby Shark” is the most-watched video on YouTube. The company has also developed the animated series Bebefinn, which will be released in 2022; The series is ranked among Netflix's Top 10 children's shows in the United States. Pinkfong produces content across movies, music, mobile apps, games, and merchandise.
According to financial figures, the company reported revenue of approximately $94.6 million in 2023 and a loss of $3.2 million. In 2024, revenue was $97.3 million and operating profit was $18.8 million. The company was valued at approximately $545 million at the time of its IPO, largely based on Baby Shark's 16 billion+ YouTube views and other popular projects.
In addition, the Bebefinn series was ranked among Netflix's Top 10 children's shows in 21 countries and gained over 20 million YouTube subscribers. In 2024, the company signed its first licensing agreement for clothing and accessories for Europe and the United States with Brand Alliance, and also signed licensing agreements with Medialink in Indonesia for toys, educational materials, and F&B products.
The proceeds from the IPO will also be used to open pop-up stores and expand its global retail network. The company plans to partner with experiential retail design, e-commerce platforms, and on-site entertainment operators.
