K-pop sensation BTS’ label prices IPO at top end of range

South Korean boy band BTS backstage throughout the 61st Annual GRAMMY Awards at Staples Heart on February 10, 2019 in Los Angeles, California.

John Shearer | Getty Photos Leisure | Getty Photos

SINGAPORE — Shares of Huge Hit Leisure, the music label behind world Ok-pop phenomenon BTS, had been priced on Monday on the high finish of the vary forward of their extremely anticipated market debut.

Huge Hit Leisure’s inventory value was set at 135,000 South Korean received (approx. $115) per piece, in keeping with a regulatory submitting on Monday. That was on the high finish of the 105,000-135,000 received per share vary which was earlier introduced. Huge Hit is anticipated to make its market debut in October.

In accordance with the regulatory submitting, Huge Hit can even increase 962.55 billion Korean received (approx. $820 million) by way of the providing. The inventory was 1,117 occasions oversubscribed by institutional buyers, the submitting confirmed.

Leisure shares in South Korea popped on the again of the IPO pricing announcement by Huge Hit. Shares of YG Leisure had been up almost 10%, JYP Leisure had been increased by 8.36% and SM Leisure jumped greater than 6%.

A latest Reuters report indicated that retail investor curiosity for Huge Hit’s IPO is anticipated to be sturdy, with followers of BTS reportedly trying to safe shares of the label.

Reuters additionally mentioned demand amongst South Korean retail buyers for brand spanking new share listings has been sturdy as markets are crammed with money after authorities stimulus efforts to prop the coronavirus-hit economic system.

Earlier in September, South Korean online game writer Kakao Video games noticed a blockbuster market debut, and shares surged by the day by day permissible restrict of 30% on their first buying and selling day.

— CNBC’s Chery Kang contributed to this report.

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