Seoul, Oct 6 : Big Hit Entertainment, the management agency of K-pop sensation BTS, drew a near record-high amount of deposits from retail investors on Tuesday, the last day for the subscription for its initial public offering (IPO) next week.
Since Monday, retail investors have subscribed for around 1.43 million Big Hit shares, or 20 per cent of its 7.13 million new stocks to be issued in the IPO scheduled for October 15.
The IPO price is (Dollar) 116.
Based on the offering price, Big Hit Entertainment is forecast to raise 962.6 billion won ( (Dollar) 820 million) through the planned IPO, with its market value estimated to reach nearly 4.8 trillion won.
Four IPO managers said individual investors deposited about 58.4 trillion won during the two-day public subscription, with the shares oversubscribed by 607 times.
The planned IPO has drawn keen interest from local investors, as BTS became the first South Korean artist in late August to top Billboard's Hot 100 singles chart with its disco-pop single "Dynamite."
Initially, retail investors' interest in the BTS agency shares appeared to be lower than expected due to the high IPO price.
But in the run-up to the deadline, investors rushed to park large amounts of deposits.
Big Hit's annual sales almost doubled to 587.2 billion won on-year in 2019 and posted an operating profit of 98.7 billion won.
BTS fans can also look forward to their online concert "BTS MAP OF THE SOUL ON:E", which will take place on October 10 and 11.
The band will release its new album "BE (Deluxe Edition)" internationally in November.
--IANS
na/.
Source: IANS
