Only one of the group’s successes can generate more than $ 1.4 billion for the South Korean economy
The shares of the record label of Korean band BTS, king of K-Pop, doubled in value when it debuted on the Stock Exchange on Thursday (15), instantly turning its president into a billionaire and considerably increasing the artists’ fortune.
The Initial Public Offering (IPO) valued the record company at more than $ 4 billion.
In August, the septet became the first 100% South Korean band to top the US charts with their new hit, “Dynamite”.
The band’s record label, Big Hit Entertainment, announced a public offering of 135,000 won ($ 115) a share, the group said on Monday. This is a record in this indicative price range.
However, in the minutes following the opening of the exchange, the stock was already trading at 330,000 won.
As a result, Big Hit capitalized 11 trillion won ($ 9.6 billion), placing it among the 30 most valuable South Korean companies, ahead of the cosmetics company Amore Pacific.
The shares of Big Hit’s founder and president, Bang Si-hyuk – who held a stake of more than 36% in the company – were worth $ 1.4 billion at the start of trading on the exchange, according to the Bloomberg Billionaires index. With the recovery, his fortune skyrocketed.
With the IPO, the seven members of the band BTS also became millionaire shareholders. Big Hit president Bang Si-hyuk distributed 68,385 shares to each of the artists in September, which represents $ 8 million at the offer price.
The hit “Dynamite” alone could generate more than $ 1.4 billion for the South Korean economy and thousands of new jobs, according to a government study released in September.