K-pop sensation BTS’ label prices IPO at top end of range

Shares of Big Hit Entertainment, the music label behind global K-pop phenomenon BTS, were priced on Monday at the top end of the range ahead of their highly anticipated market debut…

Big Hit Entertainment’s stock price was set at 135,000 South Korean won (approx. $115) per piece, according to a regulatory filing on Monday. That was at the top end of the 105,000-135,000 won per share range which was earlier announced. Big Hit is expected to make its market debut in October.

According to the regulatory filing, Big Hit will also raise 962.55 billion Korean won (approx. $820 million) through the offering. The stock was 1,117 times oversubscribed by institutional investors, the filing showed.

Entertainment stocks in South Korea surged on the back of the IPO pricing announcement by Big Hit. Shares of YG Entertainment ended the trading day 11.98% higher, JYP Entertainment rose by 9.94% and SM Entertainment jumped more 6.69%.

A recent Reuters report indicated that retail investor interest for Big Hit’s IPO is expected to be strong, with fans of BTS reportedly looking to secure shares of the label.

Reuters also said…

Continue reading at CNBC.COM

 

 

You May Also Like

About the Author: Admin