Big Hit Entertainment, the music agency known for the most celebrated K-pop band BTS, has raised $840 million in its IPO (initial public offering) on the Korea Exchange.
The IPO resulted in making a billionaire of Bang Si Hyuk, founder and Co-founder & CEO of Big Hit, who owns 35% of the agency. The soar made the band members instant millionaires as Bang gave more than 68000 shares earlier in August, each granted $15.39 million worth shares at a closing price according to regulatory filings.
BTS members are Kim Tae-hyung a.k.a V, Jung Ho-Seok a.k.a J-Hope, Kim Nam-Joon a.k.a. RM, Kim Seok-jin a.k.a Jin, Park Ji-min, Jeon Jung-kook, and Min Yoon-Gi a.k.a Suga. BTS stands for "Beyond the Scene," is known for their "ARMY" fans. The band was launched in 2013 and has risen to global stardom ever since.
Dynamite, song fully recorded in English by BTS, streamed with 7.778 million views on Spotify and topped on Billboard charts for 3 consecutive weeks. The band is looking forward to their latest album "BE", to be released on November 2020.
(Reported by Haifa Muneer)