SEOUL: Big Hit Entertainment, the management label of popular South Korean boy band BTS, debuted at double its initial public offering (IPO) price on ...
Big Hit Entertainment, the management label of popular South Korean boy band BTS, debuted at double its initial public offering price on Thursday, as investors scrambled for a piece of the country's largest listing in three years.
The stock rose as much as 30% in early trade to 351,000 won, compared with a 0.3% fall on the benchmark KOSPI. That puts the company on track to join the all-time top 10 debuts on the South Korean stock market, based on first-day closing prices. Big Hit relies heavily on BTS, with the Billboard-topping group accounting for 87.7% of the label's revenue in the first half of 2020, according to a regulatory filing.
Analysts say the company has proved itself extremely online savvy, using Youtube and social media for market infiltration. It also has an unprecedented level of control over its revenue streams via its Weverse fandom platform that distributes BTS content and sells merchandise, which has the potential to draw in other artists.
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