BTS agency set to make splash on market debut
By Chung Joo-won
SEOUL, Oct. 1 (Yonhap) -- Big Hit Entertainment, the management agency of K-pop superstar BTS, will make its debut on the main bourse this month, arguably emerging as the top entertainment pick by investors this year.
The company will open subscription for retail investors Monday and Tuesday at an initial public offering (IPO) price of 135,000 won (US$115).
The firm set its listing date for Oct. 15. Based on the offering price, Big Hit Entertainment is forecast to raise 962.6 billion won through the planned IPO, with its market value estimated to reach nearly 4.8 trillion won.
Big Hit shares, new souvenir for BTS ARMYs?
Youtubehttps://youtu.be/gd3klCOXzqI
The projected market capitalization of Big Hit Entertainment is well above the combined market capitalization of the nation's three management agencies -- JYP Entertainment, YG Entertainment and SM Entertainment.
Big Hit Entertainment has been dubbed one of this year's three big IPO deals in South Korea, along with biopharmaceutical blue chip SK Biopharmaceuticals and mobile game giant Kakao Games.
The planned IPO comes amid keen interest from local investors, as BTS made history last month by becoming the first South Korean artist to top Billboard's Hot 100 singles chart with its disco-pop single "Dynamite."
Last year, the agency's annual sales almost doubled to 587.2 billion won, with an operating profit of 98.7 billion won.
Local brokerage houses have offered varied target prices for Big Hit Entertainment, with Hana Financial Investment Co. forecasting Big Hit Entertainment's market value to reach as high as 14 trillion won.
jwc@yna.co.kr
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