The seven member Korean pop sensation BTS are now millionaires after its management Big Hit Entertainment launched its first public offering by their label.
The company has raised up to 962.55 million ($822 million) after it issued 135,000 won shares ($115) a piece in its initial offering (IPO) on Monday - giving Big Hit a market valuation of 4.8 trillion won, or $4.1 billion, according to Bloomberg.
Big Hit CEO Bang Si-Hyuk gave the BTS members Bangtan Boys Kim Tae-hyung (also known as V), Jung Ho-seok (J-Hope), Kim Nam-joon (RM), Kim Seok-jin (Jin), Park Ji-min, Jeon Jung-kook, and Min Yoon-gi (Suga) 68,385 shares each. Bang, who owns about 43% of Big Hit, has become a billionaire.
The trading was reportedly started on October 15 which create rumors most of its army were thrilled to buy stock while others are bidding in hopes to get even one shares.
BTS, which is set to release its next album “BE” on November 20, remains under contract with Big Hit until the end of 2024.
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