BTS' label Big Hit priced its initial public offering at the top of its target range and is on track to go public by the end of the year.
, has priced its initial public offering at the top of its target range, on track for its goal to go public by the end of the year.
The K-pop powerhouse is issuing shares at 135,000 won each, the company said in a filing with the Korean Exchange on Monday , the top end of the 105,000 to 135,000 won per share range the company previously announced. Big Hit will raise 962.6 billion won through the offering, which values the company at 4.8 trillion won ., a former songwriter and music producer who founded Big Hit in 2005, owns about 43% of the company, according to the stock exchange filing, making him a billionaire.
Shares begin trading on Oct. 15, and investors -- as well as fans -- are lining up. Institutional investors reportedly expressed interest in more than 1,000 times the number of shares on offer, and die-hard members of the massive BTS Army official fan club are also expected to clamor for shares.a record 587.2 billion won in revenue last year -- a 95% increase versus 2018's unaudited numbers that the company previously reported. In 2019, it also brought in 98.
BTS' first full-English single"Dynamite" debuted at No. 1 on the Hot 100 in August -- making it the first all-South Korean act to hit the summit in the chart's 62-year history -- and the group is set to release its second album of the year,
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