BTS’ Record Label Raises $822 Million After Going Public

Bangtan Boys Kim Tae-hyung (also known as V), Jung Ho-seok (J-Hope), Kim Nam-joon (RM), Kim Seok-jin (Jin), Park Ji-min, Jeon Jung-kook, and Min Yoon-gi (Suga) are now multi-millionaires.

Going Public: Big Hit Entertainment, the management label of South Korean supergroup BTS, raised 962.55 million won ($822 million) when it launched its initial public offering (IPO) on Monday, CNN reports.

The company issued its shares at 135,000 won ($115) each at the Korea Exchange.
The IPO set Big Hit’s valuation at 4.8 trillion won ($4.1 billion).
It is South Korea’s largest stock offering since July 2017.
Back in August, Big Hit CEO Bang Si-Hyuk gave the BTS members 68,385 shares each.
Following the IPO, each BTS member now owns a holding worth about $7.9 million at the issue price.
Bang, who owns about 43% of Big Hit, has become a billionaire.
Big Hit’s shares start trading on October 15.

Big Bang story: Bang is credited with creating and developing BTS, which would eventually become one of the world’s biggest music acts.

The success of BTS turned the previously struggling Big Hit into a lucrative label.
Big Hit’s total revenue last year was about 587.2 billion won (roughly $500 million), with an operating profit of 98.7 billion won ($84 million).
BTS’ earnings comprised 97% of the company’s revenue for the period.
BTS, which is set to release its next album “BE” on November 20, remains under contract with Big Hit until the end of 2024.

Feature Image via Flickr

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