Kpop boyband BTS to rake in RM229m in shares after label’s IPO priced at top of range
PETALING JAYA, Sept 28 — Members of Kpop boyband BTS are set to rake it in after their label Big Hit Entertainment priced its initial public offering (IPO) at 135,000 won (RM479.71) a share.
The pricing sits at the top of the indicative range of 105,000 to 135,000 won per share that Big Hit announced earlier this month and the label’s chief executive officer and largest shareholder Bang Si-hyuk has ensured that each BTS member will get a slice of the stock market cake, Reuters reported.
Members Suga, RM, Jin, J-Hope, Jimin, V and Jungkook hold 68,385 common shares (worth 9.23 billion won) each or 478,695 (64.6 billion won) in total.
In a regulatory filing, Big Hit described the gift as a gesture to “strengthen long-term partnership with major artistes and boost morale.”
More than seven million shares will be up for grabs to the public and analysts say the pricing could raise Big Hit’s market value to around 4.8 trillion won.
BTS made history last month after becoming the first South Korean act to top the US Billboard music chart with their catchy disco-pop single Dynamite and has garnered over 411 million YouTube views so far for the song’s music video.
The K-pop heartthrobs have sold out stadium shows across the world and were responsible for 87.7 per cent and 97.4 per cent of Big Hit’s revenue in the first half of 2020 and 2019 respectively.
Big Hit is expected to list on the Korea Composite Stock Price Index next month.
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