A success, but maybe not quite the smash hit expected.
Big Hit Entertainment, the management label for K-pop sensation BTS, has seen robust demand from retail investors for its IPO.
Individuals have submitted orders for over 600 times the amount of stock made available.
Strong demand for sure, but little more than half of some of the more heady forecasts.
Market watchers say sentiment has been hurt by increasing talk that the band members may have to do military service.
In South Korea all able-boded men over 18 have to serve in the military for 20 months at some point.
That could put Big Hit’s big earners out of action.
But South Korean lawmakers might offer a solution.
There has been discussion in parliament that the BTS boys could be given an exemption, as reward for their good work promoting the country’s image abroad.
Offering about 20% of the company, the Big Hit IPO aims to raise 830 million dollars.
The label is due to make its market debut on October 15.