South Korean boy band BTS backstage during the 61st Grammy Awards at Staples Center on February 10, 2019 in Los Angeles, California.
John Shearer | Getty Images Entertainment | Getty Images
SINGAPORE – Shares of Big Hit Entertainment, the music label behind the global K-pop phenomenon BTS, went public on Monday at the high end of the range before their highly anticipated market debut.
Big Hit Entertainment̵
According to the regulatory filing, Big Hit will also raise 962.55 billion Korean won (approximately $ 820 million) through the offering. The stock was oversubscribed 1,117 times by institutional investors, the deposit proved.
Entertainment stocks in South Korea have sprung in the wake of Big Hit’s IPO pricing announcement. Shares in YG Entertainment were up nearly 10%, JYP Entertainment was up 8.36% and SM Entertainment jumped over 6%.
A recent Reuters report indicated that retail investor interest in Big Hit’s IPO should be strong, with BTS fans reportedly looking to secure stock of the label.
Reuters also said that demand among South Korean retail investors for new share prices has been strong as markets are rife with liquidity after government stimulus efforts to support the coronavirus-hit economy.
In early September, South Korean video game publisher Kakao Games saw a successful market debut, and the shares rose by the allowed daily limit of 30% on their first day of trading.
– CNBC’s Chery Kang contributed to this report.