Big Hit Entertainment, the management label of the hugely popular South Korean boyband BTS, has priced its upcoming initial public offering (IPO) at 135,000 won ($114.99) a share, it said in a regulatory filing on Monday.
The pricing is at the top of the indicative range of 105,000-135,000 won ($89.45-114.99) a share that Big Hit, which was founded in 2005, announced earlier this month.
The label is hoping to cash in on BTS’s soaring popularity by offering slightly more than seven million shares to the public. The band members themselves have already been given a tranche of shares each, and the offer has fuelled huge excitement among their fans known as ARMY.
BTS broke into the US music scene in 2017 and are the first South Korean group to top the Billboard Hot 100 in the United States. They performed the hit single, Dynamite, at the Grammy’s last month.
Big Hit is expected to list on the KOSPI in October.
Source: AL JAZEERA