South Korea firm behind boy band BTS surges in market debut

  • South Korea firm behind boy band BTS surges in market debut

South Korea firm behind boy band BTS surges in market debut

Although the management of the company's shares may seem alien to K-Pop fans, the reality is that all of them have been pending regarding the way in which Big Hit Entertainment made a decision to evolve as a company and the first results have already be shown. Founder and co-CEO Bang Si-hyuk stated the administration agency would proceed "to analysis, problem, uncover revolutionary enterprise fashions, and apply them to proceed to develop within the worldwide market".

South Korean retail investors earlier this month laid out 58.4 trillion won ($51.1bn) in orders for Big Hit shares, falling just short of a record 58.55 trillion won ($51.2bn) for the retail portion of Kakao Games' listing in September.

The seven-member group became the first South Korean singers to top the US Billboard music chart with their single, "Dynamite".

BTS is a global sensation whose success helped Big Hit's revenues almost double previous year to $512 million.

Sara Ali, a BTS fan from Sudan, said she had been talking with fellow Army members about Big Hit's business prospects and was hoping to buy a few shares herself. Ticket prices ranged from roughly $45 to $80.

Interest in South Korea's third largest IPO of the year was high, with nearly half of Big Hit's 10 million tradeable shares changing hands yesterday morning, according to the Korea Exchange website.

Some analysts have expressed concern about Big Hit's heavy dependence on BTS as their main source of revenue.

While the law grants military service exemptions or deferrals to successful global athletes and classical musicians for their contribution to South Korea's image overseas, but the measure has never been applied to pop singers and celebrities, according to the Yonhap news agency.

BTS members were not present at the ceremony.

State-run Global Times claimed in an article published earlier this week that BTS "hurt the feelings" of the public by not mentioning China's own sacrifice in the conflict, sparking a backlash and boycott calls.

The label relies heavily on BTS as the Billboard-topping group accounted for 87.7 percent of its revenue in the first half of 2020, according to a regulatory filing. "We will make our utmost efforts from various perspectives, including transparency, profitability, growth potential and social contribution, to enhance the value of each shareholder as well as major institutional investors".