The firm behind Youtube sensation “Baby Shark” dismissed hypothesis it’s making ready for an preliminary public providing in South Korea that may worth the agency at $1 billion.
Pinkfong Co. hasn’t decided on an IPO, though it can hold reviewing the suitable timing for a possible itemizing, the Seoul-based firm stated in a textual content message Friday. The Seoul Economic Daily reported Wednesday that the corporate, formally referred to as Smartstudy, will submit a preliminary itemizing software to the Korea inventory alternate subsequent month.
“Baby Shark,” the one-and-a-half minute track a couple of household of sharks, is the most-watched video ever on YouTube, with greater than 10 billion views.
South Korea’s IPO market has cooled this yr, regardless of the profitable debut of battery maker LG Energy Solution in January, with a sequence of corporations canceling plans to drift amid a broader market stoop. Conglomerate SK Group delayed plans to checklist its battery unit and an app market operator, whereas builder Hyundai Engineering & Construction withdrew its IPO.
Shares of Samsung Publishing Co., which held nearly 17% of Pinkfong as of the tip of November, surged by the every day restrict of 30% on Wednesday on the IPO hypothesis. The inventory then plunged 13% on Thursday after Pinkfong Chief Executive Officer Kim Minseok posted a touch upon Facebook saying “how come this journalist is aware of an IPO plan that I don’t know?”
The inventory rose as a lot as 6.7% in early buying and selling Friday earlier than paring features.
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