'Baby Shark' creator Pinkfong shares surge up to 62% on debut

At the IPO price, Pinkfong’s stock is still undervalued at about 25 times 2025 earnings, compared with an average multiple of about 40 for its peers, according to estimates at NH Investment & Securities Co.

Baby Shark creator Pinkfong Co. jumped as much as 62% in its trading debut as investors snapped up the studio behind YouTube’s most-viewed jingle, following strong demand for the small initial public offering.

The stock jumped to a high of 61,500 won in early Tuesday trading after opening at 58,000 won. At 11:21 a.m. Seoul time, the stock was trading at 51,100 won.

Riding on the success of “Baby Shark,” which has been viewed more than 16 billion times, the company is going public to expand beyond toddlers’ screens and prove it can be a full-fledged media studio capable of producing the next breakout hit. The debut also comes as Korean entertainment grows in popular worldwide, thanks to K-pop bands such as BlackPink and BTS.

Though the IPO only raised 76 billion won ($53 million), the stock was priced at 38,000 won a piece — the top end of the marketed range. The deal was so popular that investors offered to buy more than 600 times the number of shares being sold, according to statements.

“Any further upside in the share price will ultimately depend on earnings performance,” said Kim Dojoon, chief investment officer at Zian Investment Management. “The key will be how effectively the company can monetize its existing IPs — Baby Shark, Bebefinn — and how well its new IPs perform,” he said, referring to Pinkfong’s other characters. Earlier Kim drew parallels to SAMG Entertainment Co., which has more than tripled this year thanks to the popularity of its ‘Catch! Teenieping’ animated series.

At the IPO price, Pinkfong’s stock is still undervalued at about 25 times 2025 earnings, compared with an average multiple of about 40 for its peers, according to estimates at NH Investment & Securities Co.

The company’s business model centers on creating short, catchy videos on YouTube, streaming platforms, television, and mobile apps. Once these tunes gain traction, Pinkfong monetizes them through advertising, streaming royalties, licensing, and merchandise — as well as live shows, games, and longer-form programming.

Many of Pinkfong’s characters — including its fox mascot “Pinkfong” — are patented, helping the firm reduce its dependence on Baby Shark for revenue. The Bebefinn franchise has now overtaken Baby Shark in terms of content revenue, according to Chief Executive Officer Kim Min-seok.

The company was founded in 2010 by Kim Min-seok and Son Dongwoo, its chief technology officer — both veterans of South Korea’s gaming and IT industries. Early investment and distribution partnerships were secured through Samsung Publishing Co, which is run by Kim’s father.

The family fortune — based on stakes held by Kim, his uncle Kim Chang-soo, and other immediate relatives in the two companies — is now estimated to be about 283 billion won ($194 million) after the debut, according to Bloomberg calculations.