Shares of K-pop phenomenon BTS’ label make South Korean market debut


SINGAPORE — Shares of Big Hit Entertainment, the music label of K-pop superstars BTS, soared as they made their market debut in South Korea on Thursday.

Big Hit Entertainment’s stock opened at opened at 270,000 Korean won (approx. $236) per share on Thursday, according to Refinitiv Eikon. That was double the stock’s issue price of 135,000 Korean won per share. Shares extended gains after the open before weakening, last trading more than 97% higher than the issue price.

South Korea’s entertainment sector is “becoming global-scale,” Daniel Yoo, head of global investment at Yuanta Securities Korea, told CNBC’s “Squawk Box Asia” on Thursday.

If you look at the overall IPO market, it’s really, really hot.

Daniel Yoo

Yuanta Securities Korea

“We think that the entertainment industry will be very important industry for Korea for investor(s) to invest,” Yoo said.

Still, the analyst admitted that Big Hit Entertainment’s current valuation “might be too expensive” as its present dependency on the South Korean seven-member boyband BTS is “very high.”

South Korea’s ‘hot’ IPO market



SOURCE NEWS

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Visitor

002519
Views This Month : 4911
Who's Online : 0