BIG HIT'S IPO GENERATES
A BIG PAYDAY
Big Hit raised $822m Monday in the biggest South Korean IPO since July 2017, making each of the seven members of BTS a. millionaire.
The K-Pop label issued its shares at 135,000 won ($115) each, valuing the company at $4.1b, CNN reported. CEO Bang Si-Hyuk, who owns about 43% of Big Hit, is now a billionaire.
Reuters reported that institutional investors were interested in buying more than 1,000 times the number of shares on offer. More than 1,400 institutional investors sought shares in pre-subscription offers, paying the top of an indicative price range announced earlier this month. The shares start trading publicly 10/15.
Each of the BTS members were given 68,385 shares in August. If they cash in at the issue price, they would gross $7.9m each.
Last year, the company said it brought in about $500m in revenue, and $84m of which was operating profit. BTS, which is signed through 2024, represented 97% of the income.
VMAs BEAMING BACK
TO THE BIG APPLE Getting back to where they once belonged (4/24a)
THE COUNT: ALL THE DESERT'S A STAGE
Jon Wayne is rolling over in his grave. (4/24a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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A CHORUS OF PRAISE: IVORS 2024 NOMS
