Big Hit Entertainment prices IPO at top of range in South Korea listing

REUTERS/Brendan McDermid

Big Hit Entertainment, the management label of the hugely popular South Korean K-Pop group BTS, priced its initial public offering (IPO) at top of its range on Monday, in South Korea’s largest listing in three years.

Institutional investors had forecast huge demand for the shares, with Big Hit riding on the success of the seven-member band, which has become the first South Korean group to reach No.1 on the US Billboard Hot 100 singles chart with song “Dynamite”.

Big Hit priced the IPO at 135,000 won ($115) per share, it said in a regulatory filing, the top of an indicative price range of 105,000-135,000 won announced earlier this month.

It will raise 962.6 billion won ($820 million) through the offer of 7.13 million new shares. It is the biggest South Korean IPO since Celltrion HealthCare raised 1 trillion won in 2017.

Based on the pricing, Big Hit‘s total market value is expected to be about 4.8 trillion won, taking into account common shares plus redeemable preferred shares that will be converted into common shares upon the IPO.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.