South Korean boy band BTS backstage through the 61st Annual GRAMMY Awards at Staples Middle on February 10, 2019 in Los Angeles, California.John Sh
South Korean boy band BTS backstage through the 61st Annual GRAMMY Awards at Staples Middle on February 10, 2019 in Los Angeles, California.
John Shearer | Getty Photos Leisure | Getty Photos
SINGAPORE — Shares of Massive Hit Leisure, the music label behind international Okay-pop phenomenon BTS, have been priced on Monday on the prime finish of the vary forward of their extremely anticipated market debut.
Massive Hit Leisure’s inventory value was set at 135,000 South Korean received (approx. $115) per piece, in line with a regulatory submitting on Monday. That was on the prime finish of the 105,000-135,000 received per share vary which was earlier introduced. Massive Hit is anticipated to make its market debut in October.
In response to the regulatory submitting, Massive Hit can even increase 962.55 billion Korean received (approx. $820 million) by way of the providing. The inventory was 1,117 instances oversubscribed by institutional buyers, the submitting confirmed.
Leisure shares in South Korea popped on the again of the IPO pricing announcement by Massive Hit. Shares of YG Leisure have been up practically 10%, JYP Leisure have been greater by 8.36% and SM Leisure jumped greater than 6%.
A current Reuters report indicated that retail investor curiosity for Massive Hit’s IPO is anticipated to be sturdy, with followers of BTS reportedly trying to safe shares of the label.
Reuters additionally mentioned demand amongst South Korean retail buyers for brand new share listings has been sturdy as markets are crammed with money after authorities stimulus efforts to prop the coronavirus-hit financial system.
Earlier in September, South Korean online game writer Kakao Video games noticed a blockbuster market debut, and shares surged by the each day permissible restrict of 30% on their first buying and selling day.
— CNBC’s Chery Kang contributed to this report.