Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, priced its initial public offering (IPO) at the top of its range on Monday, as hopeful buyers chased South Korea's largest listing in three years.
SEOUL - Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, priced its initial public offering at the top of its range on Monday, as hopeful buyers chased South Korea’s largest listing in three years.
Institutional investors expressed interest in more than 1,000 times the number of shares on offer, with Big Hit riding on the success of the seven-member band, which has become the first South Korean group to reach No.1 on the U.S. Billboard Hot 100 singles chart with song “Dynamite”. Some 1,420 institutional investors sought shares in the IPO in pre-subscription offers, looking for 1,117 times the number available, the filing said. About 98% said they would pay the top-range price or more.
“Not only has it proven its ability to use Youtube, social media for smart market infiltration, it 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.”
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