7:19 PM PDT 9/28/2020
Fans of the K-pop supergroup have been raising demand for shares in South Korea’s biggest IPO in years.
Seven members of K-pop supergroup BTS are set to make millions when their label Big Hit Entertainment goes public in October.
The demand for shares in Big Hit has hit record levels, driven in part by boy band fans, giving the music giant a valuation of $ 4.1 billion. The October 15 IPO of Big Hit will be South Korea’s largest in three years.
Bang Si-hyuk, founder and co-CEO of the IPO Big Hit, will be known as “Hitman” Bang, a billionaire. In August, Bang gave each BTS member shares in the company, currently valued at about $ 8 million.
Along with being home to RM, Jin, Suga, J-Hope, Jimin, Wei, and Jungkook, the roster of big hits includes the five-member boy band TXT and singer Lee Hyun.
BTS makes up the largest share of Big Hit’s revenue, with 97 percent of sales in 2019 and 88 percent in the first half of 2020.