Shares of Big Hit Entertainment, the management agency of world-famous South Korean boy band BTS, debuted on the market in South Korea on Thursday at 270,000 Korean won (approx. $236) per share, doubling its IPO price and making an instant multi-billionaire of its chairman.
The doubling of the listed initial public offering (IPO) price of 135,000 Korean won per share last month puts the company on track to join the all-time top 10 debuts in the country, based on debuted closing prices.
At this level, Big Hit Entertainment now has a market capitalization of 11 trillion won ($ 9.6 billion), which puts it among the 30 most valuable labels in South Korea.
Big Hit's central asset has risen to worldwide fame in recent years, cementing its prominence in the largest global music market in August after BTS's all-English track "Dynamite" topped the US Billboard Hot 100.