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.