BTS band members' fortunes surge thanks to record label's IPO

BTS' label Big Hit Entertainment debuts at double its IPO price in Korea

BTS become multi-millionaires in minutes as shares explode

South Korean entertainment company Big Hit Entertainment, which manages K-pop band BTS, debuted at more than double of its initial public offering price on October 14.

For many Koreans, the global success of BTS is a source of national pride.

The IPO price has been set at 135,000 won ($117). Bang would rank behind Chung Mong-koo, honorary chairman of Hyundai Motor Group who is the country's fifth richest in stock worth with his holdings estimated at 4.3 trillion won based on market closing prices on Sept 29, according to local market researcher Korea CXO Institute's report.

At a listing ceremony, he thanked "all the fans who have always loved and believed in Big Hit's artists and content" and "our remarkable artists of whom we're so proud".

BTS' label Big Hit Entertainment debuts at double its IPO price in Korea

The seven members of BTS, the band that accounted for nearly 90% of Big Hit's revenue a year ago, also saw their personal fortunes skyrocket, as each had been given 68,385 shares of the company. Founder and co-CEO Bang Si-hyuk stated the administration agency would proceed "to analysis, problem, uncover revolutionary enterprise fashions, and apply them to proceed to develop within the global market".

"Considering all the information about the firm now available, the IPO price could be the lowest price we will ever see", Park Sung-ho of Yuanta Securities told AFP.

While the law grants military service exemptions or deferrals to successful worldwide athletes and classical musicians for their contribution to South Korea's image overseas, but the measure has never been applied to pop singers and celebrities, according to the Yonhap news agency.

Unlike many other K-pop artists whose carefully cultivated images are shaped by their management agencies, BTS members actively engage with their fans through social media and often write their own lyrics.

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The other six members, born between 1993 and 1997, will have to follow in the coming years.

The listing added to heightened IPO activity in South Korea, with volumes rising 51 percent to $2.9 billion so far this year, compared with the same period last year, according to Refinitiv data.

Members of the celebrity South Korean boy band BTS reaped a multimillion-dollar windfall Thursday due to their file label's blockbuster preliminary public providing.

Sara Ali, a BTS fan from Sudan, said she had been talking with fellow Army members about Big Hit's business prospects and was hoping to buy a few shares herself.

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Big Hit acknowledged their anticipated absence as a "risk factor".

But it acknowledged their time off-camera "could have a negative impact on the company's profitability and growth".

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