As K pop boy band ‘BTS’ continues to entertain the world, Big Hit Entertainment, a label behind the band is looking expand even further.
The music entertainment company has been long-rumored to be planning on going public. It first filed for its Initial Public Offerings (IPO) in May, but recently, the Korea Exchange gave the company its first green light to move forward, saying that it fulfills all conditions to go public.
Sources cite that Big Hit’s next steps will consist a filing for a securities registration application with the Financial Services Commission, which is supposed to happen within the six months. However, Big Hit, has not declared any concrete opinion regarding structure, size or date of share,
BTS 'Dynamite' made its debut at number one on the Billboard Hot 100 on 31 August. The Korean song is the first to reach the top of the chart. Hot 100 is one of the most popular tracks in the United States every week, uniting streaming performance, the volume of sales, and the number of radio broadcasts.
In the first half of this year, Big Hit also showed success in a new coronavirus pandemic. For the company, the first half of this year's operating profit was KRW 49.7 billion, up 27.1% from the same period of year's figure and sales rose 49.2% to KRW 194 billion.
Although after Covid-19, the schedule of the world BTS tour has been completely revised, however, it has been profiting in several fields, like albums, music recordings, and online performances.
NH Investment & Securities, Korea Investment & Securities, and JP Morgan were some of the big names of Big Hit representatives.
Meanwhile, SK Biopharmaceuticals Co. Ltd. and Kakao Games are also moving ahead with their planned IPOs this year, which are projected to expected raise a significant amount of money in the process.
Source credit - https://www.hankyung.com/economy/article/202009024981Y