Big Hit prices IPO at top of range in blockbuster offering

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Big Hit prices IPO at top of range in blockbuster offering

October 01
08:54 2020
Big Hit prices IPO at top of range in blockbuster offering

Leading Korean Entertainment Company managing popular K-pop idol band, BTS, Big Hit Entertainment, prices its upcoming Initial Public Offering (IPO) at the top of its anticipated range amid swamping by investor demand

Big Hit Entertainment is the agency behind South Korean boyband BTS. The entertainment company recently priced its upcoming initial public offering (IPO) at the top of its anticipated range, with prospective investors flooding the offering.

Headed by Bang Si Hyuk the CEO, the company priced its upcoming initial public offering (IPO) at the highest band of its indicative range between 105,000 and 135,000 won ($115) a share. This is according to a regulatory filing of the company.

Big Hit remains one of the biggest entertainment companies in Asia, managing a plethora of popular K-pop names, with BTS being the most successful of the lot. The seven-member group has become a global music brand, making history by becoming the first band from South Korea to storm to the top of the US Billboard Hot 100 singles chart with their English-language hit “Dynamite”.

In addition to the success recorded by BTS in the world of music, the initial public offering by Big Hit Entertainment will make the members of the band multimillionaires in their own right. Bang is a lyricist and composer who also doubles as the largest shareholder of Bit Hit Entertainment and recently gave 478,695 common shares to the seven band members, or 68,385 apiece, according to sources from Reuters.

The filing revealed that the stock was oversubscribed more than 1,000 times by institutional investors.

The announcement by Big Hit Entertainment also affected the shares of other entertainment companies, with their prices shooting higher after the announcement was made. One of the biggest beneficiaries of the announcement is YG Entertainment, closing about 12% higher on the day. JYP Entertainment, which is the management company for Stray Kids, BTS’ rival band, also rose by close to 10% on the day. The broader KOSPI 50 index ended 1.3% higher as the Big Hit effect hit the capital market.

Big Hit Entertainment has also announced plans to raise more than 962 billion Korean wonthrough the offering. In a similar vein, the company plans to join Seoul’s KOSPI index next month, a move that should lead to capital gains for shareholders.

The IPO will be jointly managed by JPMorgan, Korea Investments & Securities, and NH Investment & Securities.

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