Big Hit Entertainment Co., best known as the managers of K-pop boy band BTS, has announced that it plans to go public. Big Hit plans to raise as much as 962.6 billion won ($812 million) in an IPO. If successful, it would be South Korea's largest IPO in three years.
What is Big Hit Entertainment?
Big Hit is mainly responsible for the growing global fascination with Korean entertainment. The company is behind BTS, which recently made history with its first No. 1 on the Billboard Hot 100 chart. The company is also behind 'Parasite,' which won an Academy Award this year.
What are Big Hit Entertainment's artists and labels?
Big Hit Entertainment manages several Korean artists. By far, the most successful is K-pop boy band BTS. As of April 2020, BTS has sold over 20 million physical albums, which makes them the best-selling Korean act of all time. Other artists managed by Big Hit include:
- Lee Hyun
- Agust D
When is Big Hit Entertainment going public?
On Sept. 2, Big Hit revealed that it had filed a securities registration statement with the Financial Services Commission of Korea. The company hopes to go public on the Korea Composite Stock Price Index (KOSPI) in October.
Documents show that founder and CEO Bang Si-hyuk owns 43.44 percent of the shares. Netmarble, a South Korean games company, owns 25 percent. Each of the seven members of BTS are set to receive 68,385 shares of Big Hit.
What is Big Hit Entertainment's stock price and ticker symbol?
Big Hit's first offering will list 7,130,000 shares on the KOSPI. The company's stock has a price range of $88.40 to $113.66. That brings the company's estimated market capitalization to anywhere from $2.99 billion to $3.85 billion. While we won't know the company's ticker symbol for some time, we can probably all agree that it should be "BTS."