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K-Pop group BTS' label Big Hit Entertainment prices IPO at top of range

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Joyce Lee, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/reuters/09/28/bts.jpg"/><figcaption>Members of K-Pop boyband BTS attend Youth Day at the Presidential Blue House in Seoul, South Korea, Sept. 19, 2020. Yonhap, Reuters</figcaption></figure></div>SEOUL (UPDATE) - Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, priced its initial public offering (IPO) at the top of its range on Monday, as hopeful buyers chased South Korea&#x27;s largest listing in three years.Institutional investors expressed interest in more than 1,000 times the number of shares on offer, with Big Hit riding on the success of the seven-member band, which has become the first South Korean group to reach No.1 on the U.S. Billboard Hot 100 singles chart with song &quot;<a href="https://news.abs-cbn.com/entertainment/08/21/20/bts-makes-youtube-history-with-launch-of-all-english-single-dynamite">Dynamite</a>&quot;.Big Hit priced the IPO at 135,000 won ($115) per share, it said in a regulatory filing, the top of an indicative price range of 105,000-135,000 won announced earlier this month.Some 1,420 institutional investors sought shares in the IPO in pre-subscription offers, looking for 1,117 times the number available, the filing said. About 98% said they would pay the top-range price or more.&quot;Big Hit is classified as a kind of global export firm,&quot; said Park Sung-ho, analyst at Yuanta Securities Korea.&quot;Not only has it proven its ability to use Youtube, social media for smart market infiltration, it has fandom platform Weverse which gives unprecedented clarity and control over its revenue sources for a label, and may grow into a true platform player as outside artists increasingly join.&quot;<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/09/20/very-good-business-global-appeal-likely-to-drive-bts-agencys-ipo-to-success">&#x27;Very good business&#x27;: Global appeal likely to drive BTS agency&#x27;s IPO to success</a></li>	<li><a href="https://news.abs-cbn.com/business/09/07/20/bts-hit-dynamite-worth-14-billion-to-south-korea-govt">BTS hit &#x27;Dynamite&#x27; worth $1.4 billion to South Korea: gov&#x27;t</a></li></ul>Big Hit reported a 49.7 billion won ($42.4 million) profit for the first half of 2020 as its online concert and merchandise sales on the Weverse app more than offset event cancellations during the COVID-19 pandemic.Institutional and retail investors&#x27; subscriptions are due on Oct. 5-6.The IPO will raise 962.6 billion won ($820 million) through the offer of 7.13 million new shares. It is the biggest South Korean IPO since Celltrion Healthcare raised 1 trillion won in 2017.The pricing values Big Hit at about 4.8 trillion won, taking into account common shares plus redeemable preferred shares that will be converted into common shares upon the IPO.With plenty of liquidity in the market, some analysts predict gross bids from retail investors could hit 100 trillion won ($85 billion), making it South Korea&#x27;s hottest initial public offering.The central bank is watching the offer closely as a massive oversubscription for shares could send ripples through short-term money markets.Big Hit is expected to list on the KOSPI on Oct. 15.

Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, priced its initial public offering (IPO) at top of its range on Monday, in South Korea's largest listing in three years.

Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, priced its initial public offering (IPO) at top of its range on Monday, in South Korea's largest listing in three years.

K-Pop group BTS' label Big Hit Entertainment prices IPO at top of range

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K-Pop group BTS' label Big Hit Entertainment prices IPO at top of range

Joyce Lee,

Reuters

Published September 28, 2020 11:52 AM PHT

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Updated September 28, 2020 02:09 PM PHT

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