[Exclusive] 'Baby Shark' SmartStudy Begins KOSPI Listing with 4 Trillion Valuation

Start of Initial Due Diligence by Mirae Asset Securities on the 13th Marks Full-Scale KOSPI Listing
First Domestic Trillion-Won Content Listing Company Emerges "Driving Force Behind Global IP and K-Content"

[Asia Economy Reporter Lee Seon-ae] SmartStudy, a global content company that demonstrated the strength of K-content worldwide with 'Pinkfong' and 'Baby Shark,' has officially begun the process of listing on the domestic KOSPI market. This will mark the first-ever KOSPI-listed infant and child (character) content company with a valuation in the trillion-won range.

According to the investment banking (IB) industry on the 13th, Mirae Asset Securities, the lead underwriter responsible for SmartStudy's domestic listing, is conducting initial due diligence from 10:30 a.m. to 6 p.m. today to assess SmartStudy's corporate value. On the 18th, an IPO financial projection meeting is scheduled. This meeting will incorporate business unit opinions into the financial plan for the IPO, with 2 to 3 additional meetings expected to follow.

SmartStudy internally aims for a corporate valuation of up to 4 trillion won. If the listing proceeds smoothly, it will set a record as the first infant and child (character) content company in Korea to be listed with a valuation in the trillion-won range. Recently, Iconix, the animation production company behind 'Pororo the Little Penguin' and 'Tayo the Little Bus,' was valued at around 300 to 400 billion won after selecting its lead underwriter. Previously, CarrieSoft, famous for 'Carrie and Toys,' had a corporate valuation of approximately 52 billion won based on its 2019 KOSDAQ IPO public offering price (9,000 won).

SmartStudy was recognized with a corporate valuation of 1 trillion won during its investment attraction process in the first half of this year. It became the 13th unicorn company (a private company valued at over 1 trillion won) in Korea. Among domestic infant and child content companies, SmartStudy is the first to achieve unicorn status. This is due to the intellectual property (IP) of Pinkfong and Baby Shark securing competitiveness in the global market.