Global pop group BTS are now shareholders of their agency Big Hit Entertainment.
According to Bloomberg's Sam Kim, each member has received 68,385 shares. Every share will be worth up to $113 when the agency goes in its initial public offering (IPO) this year.
"That means each member will be at least $7.7 million richer the moment shares are listed. Of course it's only a start," Sam tweeted.
More congrats to BTS. Each member has received 68,385 shares of their agency and each share will be worth up to $113 when the agency goes IPO this year. That means each member will be at least $7.7 million rich the moment shares are listed. Of course it's only a start. pic.twitter.com/muyaWvItoD— Sam Kim (@samkimasia) September 2, 2020
According to a report by Bloomberg, Big Hit is set to have the largest South Korean initial public offering in three years as the company is eyeing to raise as much as 962.6 billion won or $812 million when it debuts on the Korea Composite Stock Price Index (KOSPI) in October.
The entertainment company is offering 7.13 million shares of stocks and are pricing it at 105,000 won to 135,000 won each, according to a statement released on Wednesday, September 2, as reported by Bloomberg.
Big Hit's founder and Chief Executive Officer Bang Si-hyuk is the largest shareholder of the company, owning 43.44%.
BTS debuted in 2013 under Big Hit Entertainment. Composed of RM, V, Suga, J-Hope, Jin, Jungkook, and Jimin, the group made history recently as their latest single "Dynamite" landed in the number one spot on Billboard's Hot 100. BTS is the first all-South Korean act to achieve such a feat on Billboard.