South Korean boy band BTS backstage during the 61st Annual GRAMMY Awards at the Staples Center on February 10, 2019 in Los Angeles, California.
John Shearer | Getty Images Entertainment | Getty Images
SINGAPORE – Stocks of Big Hit Entertainment, the music label behind global K-pop phenomenon BTS, were valued at the high end of the range on Monday ahead of their much-anticipated market debut.
Big Hit Entertainment’s share price was set at 135,000 South Korean won (approximately $ 115) apiece on Monday. That was at the high end of the previously announced range of 105,000 to 135,000 won per share. Big Hit is expected to make its market debut in October.
Entertainment stocks in South Korea burst on the announcement of the Big Hit IPO price: YG Entertainment rose nearly 12%, JYP Entertainment nearly 10%, and SM Entertainment more than 7%.
A recent Reuters report showed that retail investor interest in Big Hit’s IPO is expected to be strong BTS fans reportedly want to secure shares in the label.
Reuters also said that South Korean retail investor demand for new stock listings has been strong as markets are filled with cash following the government’s efforts to prop up the coronavirus-hit economy.
In early September, South Korean video game publisher Kakao Games made a blockbuster market debut and stocks increased by the daily limit of 30% on the first trading day.
– CNBC’s Chery Kang contributed to this report.
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This article originally appeared on www.cnbc.com
