The creator of ‘Baby Shark’ soars up to almost 62% in its stock market debut
The actions of pinkfongthe company responsible for ‘Baby Shark’, the children’s song that became a mass phenomenon to lead views throughout the history of the platform, They rose up to 61.8% in their debut this Tuesday on the Kosdaq electronic market of the South Korean Stock Exchange.
The company’s shares, which had been priced at 38,000 won, at the top of the expected range, They marked a first crossing of 58,000 won (+52.6%) in their jump to the trading floor. and later reached an intraday maximum of 61,500 won (+61.8%), although in the last part of the session they lost part of the initial momentum to be listed at 41,550 won, with a revaluation of 9.34% compared to the price established in the IPO.
Kim Min-seokCEO of The Pinkfong Company, declared at the ceremony prior to the opening of the stock market that the firm has become a cutting-edge technology company that increases the chances of success of content based on data, AI and localization.
“We will shorten the intellectual property release cycle using artificial intelligence and data technology, and We will set a new standard for the global family content market“he added.
Pinkfong’s IPO attracted interest from a total of 2,300 institutional participantsresulting in a competition ratio of 615.9 to 1, while subscription from individual investors reached a competition ratio of 846.9 to 1.
The South Korean company plans to invest the funds obtained in the development and launch of new intellectual properties (IP); improving the production process; the production of high quality animations; the expansion of the global location-based entertainment (LBE) business.
