Baby Shark video creator The Pinkfong Company is seeking to raise as much as US$55 million in a new initial public offering through the Korea Exchange trading board.

KOSDAQ approved Pinkfong’s listing last week, and the South Korean prodco will issue a total of two million shares to potential investors on November 6. Pinkfong’s current list of major investors includes its CEO Kim Min-seok (18.44%), Samsung (16.77%) and Korean telecom company KT (9.1%). 

As part of the review process, KOSDAQ valued Pinkfong at US$391 million prior to the IPO. This figure is just over half its estimated worth in 2021, when the prodco emerged as South Korea’s 13th startup company to achieve unicorn status, with a valuation higher than US$718 million. 

Pinkfong posted an operating profit of US$15.3 million in 2020 following the explosive growth of Baby Shark, and it remains the company’s most profitable year to date. More recently, Pinkfong has struggled to maintain consistent growth in the marketplace, posting a US$2.3-million operating profit loss in 2023 but rebounding to a US$13.5-million profit in 2024. 

Pinkfong has published more than 7,000 songs, episodes and games to date on app stores and digital platforms such as YouTube, Netflix and linear channels around the globe. Its core Pinkfong YouTube channel has amassed more than 83.1 million subscribers and nearly 52 billion lifetime views since launching in 2011. And while Baby Shark stands as its tentpole franchise, the company’s IP portfolio also includes Bebefinn, Sealook, Wonderstar Friends and its namesake mascot character.