South Korean young boy band BTS backstage throughout the 61st Annual 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 international K-pop phenomenon BTS, were priced on Monday on top end of the variety ahead of their extremely prepared for market launching.
Big Hit Entertainment’s stock rate was set at 135,000 South Korean won (approx. $115) per piece, according to a regulative filing on Monday. That was at the leading end of the 105,000-135,000 won per share variety which was previously revealed. Big Hit is anticipated to make its market launching in October.
According to the regulative filing, Big Hit will likewise raise 962.55 billion Korean won (approx. $820 million) through the offering. The stock was 1,117 times oversubscribed by institutional financiers, the filing revealed.
Entertainment stocks in South Korea rose on the back of the IPO rates statement by Big Hit. Shares of YG Entertainment ended the trading day 11.98% greater, JYP Entertainment increased by 9.94% and SM Entertainment leapt more 6.69%.
A current Reuters report suggested that retail financier interest for Big Hit’s IPO is anticipated to be strong, with fans of BTS supposedly aiming to protect shares of the label.
Reuters likewise stated need amongst South Korean retail financiers for brand-new share listings has actually been strong as markets are filled with money after federal government stimulus efforts to prop the coronavirus-hit economy.
Earlier in September, South Korean computer game publisher Kakao Games saw a hit market launching, and shares rose by the day-to-day acceptable limitation of 30% on their very first trading day.
— CNBC’s Chery Kang added to this report.