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Company Behind Successful SKorean Group BTS Debuts On The Stock Exchange | Entertainment

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By KIM TONG-HYUNG and JUWON PARK Associated Press

SEOUL, South Korea (AP) South Korea Big Hit Entertainment, the company that runs global pop sensation BTS, debuted in the dynamite business Thursday in Seoul, helped by the zeal of its loyal fans.

Big Hits shares nearly doubled after their initial public offering grossed more than $ 800 million. The good start was widely expected by analysts given the huge fan base of the seven-member group that dominates the Billboard charts. Its market value was around $ 7.5 billion at the end of trading.

Despite the COVID-19 pandemic that has killed concerts, Big Hit has thrived on the huge demand for its content online, including live-streamed BTS concerts that are said to have attracted more than 1.7 million fans.

The company’s shares opened at 270,000 won ($ 236), about double their initial public offering price. They jumped 30%, hitting the daily trading limit, before retreating and closing at 258,000 won ($ 225), taking the company’s valuation to 8.7 trillion won ($ 7.5 billion).

Big Hit has a strong grip on its revenue streams, with BTS merchandise and other products sold exclusively through its Weverse e-commerce platform.

Big Hit raised 926.6 billion won ($ 841 million) in what was the largest IPO in South Korea since 2017.

The company has managed to grow beyond the traditional revenue streams of album and concert sales and diversify its business through online channels, wrote Ahn Jin-ah, analyst at South Koreas E-Best Investment and Securities, in a report describing the action of Big Hits. entered the market like a drop of dynamite.

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