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.
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