Members of hit boy band BTS land a huge windfall as shares in management label surge on debut
Written by Rother Radio News on 15/10/2020
The members of a South Korean boy band have had a huge windfall after a stellar debut by their management label on the country’s stock market.
Big Hit Entertainment’s listing was the largest in South Korea for three years, with shares opening at 270,000 won (£181) each.
This compares with an IPO (initial public offering) price of 135,000 won (£90) per share last month – valuing the company at about 9.6trn won (£6.4bn).
The seven members of BTS each have shares worth as much as 24bn won (£16m), based on early trade.
Even a 0.3% fall in the Korea Composite Stock Price Index (KOSPI) couldn’t keep Big Hit down, as its stock rose by as much as 30% in early trading on Thursday.
The stock’s performance puts it on track to become one of the top 10 stock debuts in the country’s history.
BTS accounts for 87.8% of Big Hit’s revenue and has a large and loyal fan base around the world.
Coronavirus has forced the band to limit its performances to social media and online, but this has not held them back.
In August, the band’s single Dynamite became the most viewed YouTube video in 24 hours, with 10.1 million views in a day.
An online concert in June set a record for the most viewed livestream concert, with 756,000 fans watching from more than 100 countries.
© Sky News 2020