They trusted the 'World #1 YouTube video' and sank 119.6 billion won into it... now 'this company' is turning into another The Born Korea The Pinkfong 'feast that everyone talked about' hits post-IPO low Lookin' like The Born Korea, which listed last November Baby Shark fame pulled 8 trillion KRW in IPO subscriptions Post-IPO stock price is lower than the offering price
The Pinkfong Company, which just landed on KOSDAQ on the 18th of last month, hit its lowest stock price since listing. Even though they pulled in over 8 trillion won in IPO subscription deposits before listing, the stock performance post-listing has been terrible. People are pointing out that it's failing to live up to its reputation, just like The Born Korea, which listed on the main stock exchange last November.
The financial investment sector is pointing out that Pinkfong's stock slump is similar to The Born Korea's listing a year ago. The Born Korea listed on Nov 6th last year at 34,000 KRW per share. At the time of listing, CEO Baek Jong-won was making waves appearing on the Netflix show 'Black & White Chef.' Baek's popularity definitely gave The Born Korea's listing a positive boost. But contrary to expectations, the stock price traced a downward curve after listing and fell below the offering price in just over a month.
"Investors are sighing "doo doo doo" as the Baby Shark fame couldn't stop this IPO from tanking and turning into another Baek Jong-won stock saga. Looks like KOSDAQ is still just a betting pool for 'dishwashing'."
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