Pinkfong Co submitted the paperwork to apply for an initial public offering on the small-cap Kosdaq index yesterday, the company said in an email.

Though Pinkfong declined to comment on the size of the deal, Korea Economic Daily reported the company may fetch a valuation of about 700 billion won (US$507 million).

Watched almost 16 billion times, the Korean jingle is more than 7 billion views ahead of Luis Fonsi’s “Despacito” on YouTube as kids worldwide keep watching the video endlessly, nearly a decade after it was released.

Still, Pinkfong has struggled to replicate the success of that hit, with songs like “Penguin Dance” garnering a more modest 124 million views.

Pinkfong Co-founder Kim Min-seok owns more than 18% of the company, while Samsung Publishing Co holds almost 17%.

Shares of Samsung Publishing dropped 8.1% today, extending losses for the second session.