Baby Shark Maker Jumps as Much as 60% in Seoul Debut After Heavily Subscribed IPO

Overview

• The Pinkfong Company priced its IPO at 38,000 won per share, raising about 76 billion won in an offering that drew roughly 600 times more orders than shares on offer.
• The stock spiked up to 60% intraday and traded about 17% above the offer price during the morning session of its first day.
• Management points to a plan to expand revenue streams outside traditional YouTube advertising due to regulatory limits on ads targeting children, as reported by The Wall Street Journal.
• The company is diversifying beyond its flagship hit, with the CEO saying the Bebefinn franchise has surpassed Baby Shark in content revenue.
• For 2024, Pinkfong reported revenue of 97.4 billion won and operating profit of 18.8 billion won, reflecting year-over-year growth.