According to the regulatory filing, Big Hit will also raise 962.55 billion Korean won (approximately $ 820 million) from the offer. The stock has been oversubscribed 1,117 times by institutional investors, according to the filing.
Entertainment stocks in South Korea emerged in the wake of Big Hit’s IPO price announcement. YG Entertainment shares rose nearly 10%, JYP Entertainment rose 8.36% and SM Entertainment jumped more than 6%.
A recent report from Reuters indicated that retail investor interest in the Big Hit IPO is expected to be strong, with BTS fans apparently looking to secure shares of the label.
Reuters also said demand from South Korean retail investors for new stock quotes was strong as markets were filled with liquidity after the government’s stimulus efforts to support the coronavirus-hit economy.
Earlier in September, South Korean video game publisher Kakao Games debuted in the successful market, and its shares jumped from the daily allowable limit of 30% on the first day of trading.
–CNBC’s Chery Kang contributed to this report.