The management label of South Koreas based band BTS Big Hit Entertainment has priced its upcoming initial public offering price at its top range. This IPO is set to become the largest one by a South Korean entity in the last three years.
In a regulatory filing, Big Hit is placing its IPO price at 135,000 won ($115) per share. Earlier in the month the company had announced that its shares would be priced between 105,000-135,000 won in the IPO.
Analysts have been counting on the success of the BTS band to create a huge demand by institutional investors. BTS become the first ever South Korean group to reach No.1 on the U.S. Billboard Hot 100 singles chart with their popular song ‘Dynamite’.
Big Hit will be offering 7.13 million shares hence it will fetch around 962.6 billion won ($820 million). This will become the largest IP in South Korea since Celltrion HealthCare (091990) went public in 2017 fetching $1 billion from its IPO.
Following the IPO Big Hit Entertainment is expected to have a market valuation of 4.8 trillion won.