BIG HIT'S IPO GENERATES
A BIG PAYDAY
Big Hit raised $822m Monday in the biggest South Korean IPO since July 2017, making each of the seven members of BTS a. millionaire.
The K-Pop label issued its shares at 135,000 won ($115) each, valuing the company at $4.1b, CNN reported. CEO Bang Si-Hyuk, who owns about 43% of Big Hit, is now a billionaire.
Reuters reported that institutional investors were interested in buying more than 1,000 times the number of shares on offer. More than 1,400 institutional investors sought shares in pre-subscription offers, paying the top of an indicative price range announced earlier this month. The shares start trading publicly 10/15.
Each of the BTS members were given 68,385 shares in August. If they cash in at the issue price, they would gross $7.9m each.
Last year, the company said it brought in about $500m in revenue, and $84m of which was operating profit. BTS, which is signed through 2024, represented 97% of the income.
CALL MY AGENT:
JOHN MARX His first concert was Buffalo Springfield at the Indio Date Fair. (9/17a)
 HITS' FIRST LIVE ISSUE TAKES THE STAGE THIS FALLWe're manning the merch table. (9/13a)
| ||
THE GRAMMY SHORT LIST
Who's already a lock?
COUNTRY'S NEWEST DISRUPTOR
Three chords and some truth you may not be ready for.
AI IS ALREADY EATING YOUR LUNCH
The kids can tell the difference... for now.
ALL THE WAY LIVE
The players, the tours, the enormous beers.
|
