Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

The Pinkfong Company / Equity Capital Markets

<ul>
<li>In this insight, we provide our initial thoughts on The Pinkfong Company IPO which is expected to be completed in KOSPI in 2H 2025.</li>
<li>The Pinkfong Company is the creator of the Baby Shark brand. Its original "Baby Shark Dance" is the most viewed Youtube video ever (15.9 billion views as of May 2025). </li>
<li>The Pinkfong Company's valuation was more than 1 trillion won in 2021 (Series B investment round). </li>
</ul>


In this insight, we provide our initial thoughts on The Pinkfong Company IPO which is expected to be completed in KOSPI in 2H 2025.
The Pinkfong Company is the creator of the Baby Shark brand. Its original "Baby Shark Dance" is the most viewed Youtube video ever (15.9 billion views as of May 2025). 
The Pinkfong Company's valuation was more than 1 trillion won in 2021 (Series B investment round). 


Initial Thoughts on The Pinkfong Company IPO (Creator of the Baby Shark Brand)

<ul>
<li>I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price range.</li>
<li>A total of 561 institutional investors participated in the IPO survey. The final demand ratio was 31.3 to 1.</li>
<li>Our valuation analysis suggests an implied price per share of 41,450 won, which represent a 29.5% upside from the IPO price.</li>
</ul>


I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price range.
A total of 561 institutional investors participated in the IPO survey. The final demand ratio was 31.3 to 1.
Our valuation analysis suggests an implied price per share of 41,450 won, which represent a 29.5% upside from the IPO price.


I-Scream Media IPO Book Building Results Analysis

<ul>
<li>Our valuation analysis suggests a base case implied market cap of 567 billion won or implied price per share of 41,450 won.</li>
<li>This suggests a 3% upside to the high end of the IPO price range. We would not subscribe to this IPO due to lack of upside.</li>
<li>Our base case valuation is based on P/E of 18.8x using the company's net profit of 30.2 billion won in 2023.</li>
</ul>


Our valuation analysis suggests a base case implied market cap of 567 billion won or implied price per share of 41,450 won.
This suggests a 3% upside to the high end of the IPO price range. We would not subscribe to this IPO due to lack of upside.
Our base case valuation is based on P/E of 18.8x using the company's net profit of 30.2 billion won in 2023.


Private Capital Markets

The Pinkfong Company / Private Capital Markets

<ul>
<li>The Pinkfong Company was valued at about 1 trillion won, according to local reports in early 2022. Samsung Publishing (068290 KS) owns a 16.8% stake in The Pink Fong company.</li>
<li>For now, The Pinkfong Company does not have any near term plans for an IPO. However, it may try to complete its IPO sometime in 2023/2024.</li>
<li>The Pinkfong Company's sales increased by nearly 500% in the US to reach 24.9 billion in 2021, accounting for 30% of the company's total sales in 2021.</li>
</ul>


The Pinkfong Company was valued at about 1 trillion won, according to local reports in early 2022. Samsung Publishing (068290 KS) owns a 16.8% stake in The Pink Fong company.
For now, The Pinkfong Company does not have any near term plans for an IPO. However, it may try to complete its IPO sometime in 2023/2024.
The Pinkfong Company's sales increased by nearly 500% in the US to reach 24.9 billion in 2021, accounting for 30% of the company's total sales in 2021.


The Pinkfong Company: Baby Shark Unicorn in Korea

<div class="content-highlight">The <a href="https://www.smartkarma.com/entities/coupang" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a> IPO has been one of the most successful IPOs for a company whose operations are mainly in Korea. There are likely to be a lot more Korean based companies (both public and private) that will consider listing their shares in the US market after a hugely successfully Coupang IPO. In this insight, we discuss 14 major Korean companies that may try to list their shares in the US exchanges in the next several years in order to reduce the infamous "Korea discount."</div>14 Korean Companies That May List Their Shares in the US Stock Exchange:<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">1) Samsung Electronics (005930 KS)</a>2) Kurly (Private)3) SmartStudy (Private)4) Naver Webtoon (Private) 5) Krafton (Private) 6) LG Energy Solution (Private) 7) 11st (Private) 8) SSG.com (Private) 9) <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a>10) <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>11) Kakao Entertainment (Private)  12) <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>13) Tmon (Private) 14) Non private equity firm that acquires Ebay Korea

The Coupang (CPNG US) IPO has been one of the most successful IPOs for a company whose operations are mainly in Korea. There are likely to be a lot more Korean based companies (both public and private) that will consider listing their shares in the US market after a hugely successfully Coupang IPO. In this insight, we discuss 14 major Korean companies that may try to list their shares in the US exchanges in the next several years in order to reduce the infamous "Korea discount."14 Korean Companies That May List Their Shares in the US Stock Exchange:1) Samsung Electronics (005930 KS)2) Kurly (Private)3) SmartStudy (Private)4) Naver Webtoon (Private) 5) Krafton (Private) 6) LG Energy Solution (Private) 7) 11st (Private) 8) SSG.com (Private) 9) NCSOFT Corp (036570 KS)10) Naver Corp (035420 KS)11) Kakao Entertainment (Private)  12) Kakao Corp (035720 KS)13) Tmon (Private) 14) Non private equity firm that acquires Ebay Korea 

Top 14 Korean Companies That May List in the US Stock Exchanges - Close The "Korea Discount Gap"

South Korea

Samsung Publishing Co., Ltd. publishes various books.  The Company mainly publishes books for children and magazines for computer users.  Samsung Publishing operates food courts in highway service areas and also markets stationery product through its subsidiary operation.

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Samsung Publishing (068290 KS)

Initial Thoughts on The Pinkfong Company IPO (Creator of the Baby Shark Brand)

In this insight, we provide our initial thoughts on The Pinkfong Company IPO which is expected to be completed in KOSPI in 2H 2025.

Douglas Kim

I-Scream Media IPO Book Building Results Analysis

I-Scream Media reported its IPO book building results. The IPO price has been determined at 32,000 won, which is at the low end of the IPO price...

Douglas Kim

I-Scream Media IPO Valuation Analysis

Our base case valuation of I Scream Media is target price of 41,450 won which suggests a 3% upside to the high end of the IPO price range. We would...

Douglas Kim

The Pinkfong Company: Baby Shark Unicorn in Korea

The Pinkfong Company was recently valued at nearly 1 trillion won. Its Baby Shark video is the most ever viewed video on Youtube with more than 11...

Douglas Kim

Top 14 Korean Companies That May List in the US Stock Exchanges - Close The "Korea Discount Gap"

In this insight, we discuss 14 major Korean companies that may try to list their shares in the US exchanges in the next several years in order to...

Douglas Kim

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