K-Pop titans BTS's agency Big Hit Entertainment delivers with a dynamite IPO
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Just like BTS's hit song 'Dynamite,' the initial public offering of the agency Big Hit Entertainment Co. soared on its trading debut according to reports.
K-pop agency Big Hit Entertainment Co. hit a dynamite after several business websites reported that their initial public offering on Thursday, October 15 was a huge success.
Big Hit is the management company handling the careers of the phenomenal BTS septet composed of RM, Jin, Suga, J-Hope, Jimin, V, and Jungkook.
According to a Bloomberg article, Big Hit--which makes almost all of its revenue from the all-male pop group--opened at 270,000 won ($235) in Seoul, from its initial public offering price of 135,000 won per share, and rose as much as 30%.
In the same report, it said that the agency's IPO was South Korea's largest in three years and Big Hit founder Bang Si-hyuk's wealth is now estimated at an astonishing $3.8 billion.
K-pop group @BTS_twt's agency, Big Hit, soars up to 160% more than its IPO price, giving it a market value of around $10 billion, reporter @soheefication tells @BloombergTV. The founder is now one of South Korea's richest people. https://t.co/rN2ZvgVrny pic.twitter.com/1te3WcemnM
-- Bloomberg Asia (@BloombergAsia) October 15, 2020
BTS commands a huge following across the globe and has accumulated several number one hits like 'Dynamite,' 'Boy with Luv', and 'Idol' to name a few.
It won't be surprising that loyal ARMYs, who have been purchasing millions of BTS merchandise, might want to buy shares of Big Hit as well.
Meanwhile, BTS was once again hailed as Billboard Music Awards' Top Social Artist. The group has been receiving this award for four consecutive years since they were first nominated in 2017.
Congratulations to @BTS_twt on winning Top Social Artist! #BTSxBBMAs pic.twitter.com/1FzuMZCF17
-- Billboard Music Awards (@BBMAs) October 15, 2020
They also performed 'Dynamite' at the Incheon International Airport during the awards show:
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