It is no secret that K-pop short for Korean pop is popular not only in South Korea but in other countries as well. It is worth mentioning that, all members of the famous K-pop group BTS are set to become multi-millionaires.
Importantly, their label Big Hit Entertainment goes public in less than a month. Consequently, all seven members of the group will become millionaires. As a reminder, 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.
As mentioned above, all members will become millionaires. However, Big Hit boss Bang Si-hyuk will become a billionaire. Importantly, he owns 43% of the management label. In August, he gave each BTS member 68’385 shares, worth several million dollars in total.
As of September 29, the price per share was between 105’000-135’000 won ($89-$113). Notably, Big Hit expects to raise hundreds of millions of dollars with the sale of 7.13 million new shares. Shares will be listed on Korea’s Stock Exchange, the KOSPI on October 15.
South Korea and famous musicians
K-pop group BTS is very popular, and this group set a new record on Monday. Importantly, it took just several 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.
Notably, this is South Korea’s largest initial public offering (IPO) in three years.
Moreover, the group remains popular in South Korea and abroad despite issues associated with the coronavirus pandemic.
For example, in 2019 BTS generated 97% of Big Hit and this year so far the group generated 88% of Big Hit’s sales.
In August, the group broke another record. Its single Dynamite became the most viewed YouTube video in 24 hours, amassing 101.1 million views a day. As can be seen from the information stated above, the group has the opportunity to raise millions of dollars.