Big Hit Entertainment easily made bank in their South Korea stock market debut.
On the morning of October 15 (Thursday), the home of global superstars BTS, was officially listed on the Korea Composite Stock Price Index (KOSPI). They immediately doubled their initial public offering (IPO) price when stocks began trading at 270,000 won (approx. $236).
Within 45 minutes, stocks climbed to 30% at 300,500 won (approx. $263).
BTS are now partial owners of Big Hit Entertainment
In a statement, Big Hit Entertainment founder and CEO Bang Si Hyuk thanks the company's supporters help in making their latest feat come to fruition. "It is all of you who made this day possible,” he says.
“Big Hit, which celebrated its 15th anniversary this year, began as a small entertainment company that aimed to provide comfort and touch people’s hearts through music and its artists, but it is now a global enterprise,” Bang Si Hyuk continues in his statement. “As Big Hit is now a publicly-traded company, we will take deep responsibility for each and every shareholder and, from a wide variety of angles, do our utmost to increase shareholder value. We will work hard to create a company that receives love worldwide.”
Last month, all BTS members were given 68,385 shares each. BTS will be in possession of about 35.5% of the company, and 6.7% of the total shares, officially making RM, Jin, Suga, J-Hope, V, Jimin, and Jungkook millionaires.
Big Hit Entertainment is now valued at nearly 10 trillion won (approx. $8.5 billion), driving them up the ranks of the all-time top 10 debuts on the South Korean stock market.
BTS strengthen connection with fans as they break their own world record with almost 1 million viewers for virtual concert, MAP OF THE SOUL ON:E
Earlier this week, speculation rose that K-Pop artists and other celebrities might be allowed to defer their military service, thanks to their contributions to South Korea's economy and international reputation.
South Korea currently requires all able-bodied men aged 18-28 to serve in the military for at least 21 months. The law grants military service exemptions or deferrals to esteemed international athletes and classical musicians who have contributed to South Korea's image globally. This measure has yet to be applied to K-Pop artists.
Big Hit Entertainment's phenomenal K-Pop group BTS previously held their 2-day virtual concert MAP OF THE SOUL ON:E.
The 'Dynamite' act's upcoming album BE is scheduled for release on November 20 (12 AM EST/ 2 PM KST/ 1 PM PHT/SGT). Get the album via WeVerse, Amazon, Target, HotTracks (KR), HMV (UK), JB Hifi (AU), and the official BTS stores (US, UK, JP).
Watch BTS' 'Dynamite' music video below.
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