BTS Members Bank $55 Million and ‘Hitman’ Becomes Billionaire
Big Hit’s IPO, the biggest South Korean listing in years, is creating new riches. But the company’s heavy reliance on BTS could be a risk.
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After blowing up the charts with “Dynamite,” the first English song from South Korean boy band BTS, Big Hit Entertainment Co. is having another moment.
This time, it’s with an initial public offering that is giving the company a market value of about $4 billion. The country’s largest listing in years took just hours for underwriters to find buyers for the available stock and priced on Monday at the top end of a marketed range. That’s even after Covid-19 forced BTS to cancel its world tour, and despite the risk that some of its stars may have to do military service.