The seven members of the K-pop supergroup BTS are set to make millions when their label Big Hit Entertainment goes public in October.
Demand for shares in Big Hit has hit record levels, driven in part by fans of the boy band, giving the music giant a valuation of $4.1 billion. Big Hit’s Oct. 15 IPO will be South Korea’s largest in three years.
The IPO will make Big Hit founder and co-CEO Bang Si-hyuk, known widely as “Hitman” Bang, a billionaire. In August, Bang gave each BTS member shares in the company, which are currently valued at almost $8 million.
As well as being home to RM, Jin, Suga, J-Hope, Jimin, V, and Jungkook, Big Hit’s roster includes the five-member boy band TXT and singer Lee Hyun.
BTS makes up the vast majority of Big Hit’s revenue, generating 97 percent of sales in 2019 and 88 percent in the first half of 2020.
Article source:Billboard.com
