Business Entertainment

K-Pop band BTS become richer by millions after their record label’s IPO makes debut on stock markets

The members of chart-topping Korean boy band became rich by millions after their record label’s blockbuster IPO doubled in its stock market debut on Thursday.

Big Hit Entertainment started trading in Seoul stock exchange at KRW₩ 270,000 (US$ 253) compared to last month’s KRW₩ 135,000 initial public offering price, lifting the company’s market value to over US$ 8.5 billion.

The record label’s stock rose as high as 160% from its IPO price to KRW₩ 351,000 (US$ 305). Its shares ended 90% higher.

Big Hit, headed by chief executive Bang Si-Hyuk, has seen an influx of investor orders thanks to the global star power of the celebrated boy band, despite COVID-19 disrupting the live-music and entertainment industry this year.

The high-profile listing followed BTS achieving their second highest-charting hit, “Savage Love,” on Billboard’s songs chart this week.

BTS, whose acronym stands for “Beyond the Scene,” is made up of seven members.