World News – GB – BTS members to become multimillionaires


The seven members of South Korean K-pop group BTS are set to become multi-millionaires, when their Big Hit Entertainment label goes public in October

Growing demand for Big Hit shares has given it a market valuation of £ 3.2 billion ($ 4 1 billion), with shares priced at the top of the expected price range

Big Hit Bang boss Si-hyuk, who owns 43% of the management label, will become billionaire

Currently priced between 105,000 and 135,000 won (£ 70.03- £ 88.70) per share, Big Hit expects to raise around £ 638m with the sale of 713million new shares when listed on the Korean stock exchange, KOSPI, October 15

BTS set a new record on Monday when it took underwriters just hours to find investors to take a stake in the firm when order books opened, with demand 1,000 times greater than stock available

Hardcore BTS fans in South Korea hope to buy at least a share of the management label to support their favorite members, according to CNBC

What is even more striking is that this is South Korea’s largest IPO in three years

This is a sign that BTS’s popularity has not waned, despite the group having been forced to cancel their world tour due to the coronavirus pandemic, and the risk that some of the members will have to soon to do two years of compulsory military service

In 2019, BTS generated 97% of Big Hit’s sales last year, and 88% this year

BTS has broken records multiple times over its seven-year history In August, its single Dynamite became the most-viewed YouTube video in 24 hours, amassing 1,011 million views in one day

The K-pop group also became the first Korean artist to top the Billboard Hot 100 charts with this single, garnering praise from South Korean President Moon Jae-in, who said he was writing a « new chapter in K-pop history »

And an online concert held in June set another Guinness World Record for live streaming of the most watched musical concert, with 756,000 fans from over 100 countries

The group consists of Kim Tae-hyung (known as V), Jung Ho-seok (J-Hope, Kim Nam-joon (RM), Kim Seok-kin (Jin), Park Ji-min , Jeon Jung-kook and Min Yoon-gi (Suga)

They attributed much of their success to their loyal international fan base, known as ARMY, which helped make BTS the most tweeted band from March through September of this year.

Fans are now eagerly awaiting the upcoming release of BE, BTS ‘second album of the year, on November 20

UN chief António Guterres calls it an « agonizing milestone » as the fight to contain the virus continues

BTS, Big Hit Entertainment Co, Ltd, K-pop, IPO

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