People walk past a commercial poster showing K-pop group BTS members at a shopping district in Seoul on October 12, 2020.(Jung Yeon-je / AFP) The initial public offering of shares in Big Hit Entertainment saw staggering demand, with the public section oversubscribed more than 600 times and applicants receiving only a tiny fraction of their requests. The firm’s centrepiece asset BTS have risen to global stardom in recent years, cementing their prominence in the world’s biggest music market in August with their all-English track “Dynamite” topping the US Billboard Hot 100. The IPO price was set at 135,000 won ($118) but opened at double that on the Kospi exchange and within minutes hit its daily limit of 351,000 won, platforms showed. It later slipped back but still had a market capitalisation of 10 trillion won — $8.7 billion — putting it among South Korea’s top 40 most valuable companies, and ahead of cosmetics-maker Amore Pacific. Big Hit founder and CEO Bang Si-hyuk — who is retaining a stake of more than 36 percent of the firm — was worth $3.8 billion at the peak, according to Bloomberg News. At a listing ceremony, he thanked “all the fans who have always… Read full this story
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