Singers have the opportunity to make a lot of money in many countries. Interestingly, K-pop short for Korean pop is a genre of popular music. This genre originated in South Korea. Members of K-pop group BTS are set to become multi-millionaires. As a reminder, their label Big Hit Entertainment goes public in October. As a result, all seven members of the group have the opportunity to join the ranks of millionaires.
Notably, thanks to the soaring demand for shares in Big Hit, the market valuation reached $4.1 billion, with shares priced at the top of the expected price range. Importantly, Big Hit boss Bang Si-hyuk will become a billionaire. He owns 43% of the management label.
Last month, the boss of the South Korean group gave each BTS member 68’385 shares, worth several million dollars in total.
At the moment, the price per share is between 105’000-135’000 won ($89-$113). Interestingly, Big Hit expects to raise almost $820 million with the sale of 7.13 million new shares when it is listed on Korea’s Stock Exchange, the KOSPI on October 15.
South Korean group and Stock Exchange
Interestingly, the South Korean K-pop group set a new record on Monday. It took just hours for underwriters to find investors to take a stake in the firm when books opened, as demand was 1’000 times higher than the available stock.
This is South Korea’s largest initial public offering (IPO) in three years.
Despite the problems caused by the coronavirus pandemic, the group remains popular and the huge interest in its shares once more underlined this fact. Last year, BTS generated 97% of Big Hit. This year so far the group generated 88% of Big Hit’s sales.
This South Korean group broke records in their seven-year history. Last month, its single Dynamite became the most-viewed YouTube video in 24 hours, amassing 101.1 million views a day.