Home / Business / BTS to become multi-millionaires after label goes public

BTS to become multi-millionaires after label goes public

All seven members of South Korean K-pop group BTS are set to become multi-millionaires, when their label Big Hit Entertainment goes public in October.
Soaring demand for shares in Big Hit has given it a market valuation of £3.2bn ($4.1bn), with shares priced at the top of the expected price range.

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

In August, he gave each BTS member 68,385 shares, worth £6.2m in total, BBC reported.

Currently priced at between 105,000-135,000 won (£70.03-£88.70) per share, Big Hit expects to raise about £638.3m with the sale of 7.13 million new shares when it is listed on Korea’s Stock Exchange, the KOSPI, on 15 October.

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