Big Hit Entertainment prices its IPO at the top of the range
Big Hit Entertainment, the management label of hugely popular South Korean K-Pop band BTS, announced on Monday that it would price its upcoming initial public offering (IPO) at 135,000 Won ($114.99) per share. The company stated that its IPO price would be South Korea’s largest listing in three years.
“Big Hit is classified as a kind of global export firm. Not only has it proven its ability to use YouTube, social media for smart market infiltration, but it also has fandom platform Weverse which gives unprecedented clarity and control over its revenue sources for a label, and may grow into a true platform player as outside artists increasingly join,” Yuanta Securities Korea’s Analyst Park Sung-ho said.
Big Hit’s Chief Executive Officer Bang Si-Hyuk stated last month that each BTS member would receive company shares worth 9.23 billion Won or 64.6 billion Won altogether if the IPO would price at the top of its range in October 2020.
Big Hit’s shares will be available in public trading starting on October 15.
Big Hit Entertainment reported on Monday that BTS would release its second album this year “BE” on November 20. The K-Pop group dropped their first full English song “Dynamite” in August that broke YouTube’s record for most views in 24 hours, racking up 101.1 Million views.