SEOUL: Shares of South Korean entertainment firm The Pinkfong Company, producer of the popular children's song "Baby Shark," surged more than 60% in their market debut on Tuesday.
Since its release in 2016, the "Baby Shark" song about a family of sharks has become the most-watched video on YouTube. It was played at the White House and praised by U.S. President Donald Trump, Tesla CEO Elon Musk and other celebrities, while prompting parodies and a dance craze.
Shares rose to as high as 61,500 won a share on Tuesday, more than 60% above its initial public offering price of 38,000 won a share. They were recently trading at 39,600 won.
The company priced its IPO at the top of its target range, raising 76 billion Korean won ($51.90 million).
Choi Jong-kyung, an analyst at Heungkuk Securities, said Pinkfong's debut came on the heels of other successful listings on the small-cap Kosdaq market, as South Korea's stocks have surged this year.
Pinkfong - founded in 2010 as SmartStudy - said it wants to go beyond its identity as an early-childhood business to become a family entertainment company.
The company has created other products, including the 3-D animated sing-along series, Bebefinn, launched in 2022, which topped Netflix's Today's Top 10 Kids Series in the U.S.
The company said it will use the proceeds from the listing to launch new characters, premium animations and pop-up stores globally.
CEO Kim Min-seok said the company will use artificial intelligence technology and its data assets to accelerate new character launches.
Pinkfong produces and distributes both online and offline content, including movies and animated series, music, live performances, mobile applications, games, merchandise and other licensed products. - Reuters
