The seven members of South Korean K-pop group BTS are set to become multi-millionaires when their label Big Hit Entertainment goes public in October.
Growing demand for Big Hit’s shares has given it a market valuation of £ 3.2bn ($ 4.1bn), with stocks priced at the high end of the expected price range.
Big Hit Bang boss Si-hyuk, who owns 43% of the management label, will become a billionaire.
In August, he gave each BTS member 68,385 shares, worth a total of £ 6.2million.
Currently valued at between 105,000 and 135,000 won (£ 70.03 to £ 88.70) per share, Big Hit plans to raise around £ 638.3 million with the sale of 7.13 million new shares when it goes public. Korean stock exchange, KOSPI, October 15. .
BTS set a new record on Monday when it took underwriters just hours to find investors to take a stake in the company when order books opened, with demand 1,000 times greater than available stock.
Hardcore BTS fans in South Korea are hoping to buy at least a share of the management label to support their favorite members, according to CNBC.
What is even more striking is that this is South Korea’s largest IPO in three years.
This is a sign that BTS’s popularity has not waned, despite the group having been forced to cancel their world tour due to the coronavirus pandemic, and the risk that some of the members will soon have to do. two years of compulsory military service.
In 2019, BTS generated 97% of Big Hit’s sales last year and 88% this year.
BTS has repeatedly broken records over its seven-year history. In August, her single Dynamite became the most viewed YouTube video in 24 hours, totaling 101.1 million views in one day.
The K-pop group also became the first Korean artist to top the Billboard Hot 100 charts with this single, garnering praise from South Korean President Moon Jae-in, who said he was writing a “new chapter.” of K-pop history ”.
And an online concert held in June set another Guinness World Record for the live broadcast of the most-watched music concert, with 756,000 fans from over 100 countries.
The group consists of Kim Tae-hyung (known as V), Jung Ho-seok (J-Hope, Kim Nam-joon (RM), Kim Seok-kin (Jin), Park Ji-min, Jeon Jung -kook and Min Yoon-gi (Suga).
They attributed much of their success to their loyal international fanbase, known as ARMY, which helped make BTS the most tweeted band from March through September of this year.
Fans are now looking forward to the upcoming release of BE, BTS’s second album of the year, on November 20.