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Big Hit Entertainment, the firm behind the global pop phenomenon BTS, issued a regulatory filing today (September 28) with its official share price at 135,000 South Korean won ($ 115) for its IPO in South Korea.
Founder and CEO, Bang Si-hyuk owns about 43.44% of the business and his stake is worth approximately $ 1.4 billion at current exchange rates.
Additionally, the seven members of BTS, who each received 68,385 common shares of the company last month, now own stakes worth nearly $ 8 million.
As reported by the Korean news site Soompi, the price was set following a book-building process with institutional investors on Thursday (September 24) and Friday (September 25).
The shares were reportedly subscribed more than 1,000 times.
The company will raise 962.6bn South Korean won ($ 820 million) through the IPO and its first day of trading is October 15.
Big Hit is valued at 4.8 trillion South Korean won ($ 4.1 billion).
Elsewhere, Reuters reports that members of BTS’s fanbase, or ARMY, are also competing for shares in the company and are expected to drive retail demand for the shares.
K-pop news outlet All K-Pop reports that some fans are borrowing hundreds of thousands of dollars to buy stocks.
Soompi informs that the subscriptions of retail investors will take place on October 5 and 6.
Share price news follows continued success of BTS’s # 1 single Dynamiteas well as today’s news of their upcoming online concert called “BTS MAP OF THE SOUL ON: E”.
Held in Seoul, the event will be broadcast live around the world on October 10 and 11.
BTS’s previous online concert in June, BANG BANG CON The Live, drew 756,600 viewers, breaking the record for the largest paid virtual concert audience, with close to $ 20 million in ticket sales in the process.
In the first half of 2020 period, Big Hit generated revenue of 294 billion South Korean won ($ 249 million at the current exchange rate), which was significantly higher than the same period last year (first half of 2019), when the company posted half-year revenue of 200.1 billion won. ($ 166 million).
In 2019, Big Hit generated revenue of 587.2 billion South Korean won (over $ 500 million), which was a 95% year-on-year increase.
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