Powered by strong support from avid fans, shares of South Korea’s Big Hit Entertainment Co, the company that manages global pop sensation BTS, soared in their trading debut yesterday in Seoul.
Big Hit’s solid debut after an initial public offering (IPO) that netted more than US$800 million was widely expected by analysts, given the loyalty of the fan base to the seven-member boy band that has been dominating Billboard charts after gathering a huge following around the globe.
Despite the concert-killing COVID-19 pandemic, Big Hit has prospered thanks to huge demand for its online content, including livestreamed BTS concerts that reportedly attracted more than 1.7 million fans.
The company’s shares opened at 270,000 won, about double their IPO price. They surged 30 percent, hitting the daily trading limit, before falling back and closing at 258,000 won.
Big Hit has a tight grip over its revenue streams, with BTS merchandise and other products exclusively sold through its “Weverse” e-commerce platform.
Big Hit raised 926.6 billion won (US$841 million) in what was South Korea’s largest IPO since 2017.
“The company has managed to grow beyond the traditional revenue sources of album sales and concerts and diversify its business through online channels,” E-Best Investment and Securities Co analyst Ahn Jin-ah wrote in a report that described Big Hit’s stock market entrance as a “drop of dynamite.”
BTS debuted in 2013 and has a legion of global supporters who call themselves the “Army.” It became the first K-pop act to top Billboard’s Hot 100 chart last month with their first all-English song Dynamite.
The band — J-Hope, RM, Suga, Jungkook, V, Jin and Jimin — has performed in sold-out arenas around the world and was even invited to speak at the UN General Assembly last month.
Big Hit’s stock market debut came just days after Chinese nationalists erupted in anger at BTS after its leader, RM, thanked Korean War veterans for their sacrifices while receiving a reward for promoting US-South Korea relations.
Chinese Internet users and state media took RM’s comments as a slap at China, whose soldiers fought alongside North Korea against the South and US-led allied forces during the war.
BTS has yet to respond to the comments.
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