K-pop BTS makes a big splash in debut trading

Seoul - Big Hit's shares nearly doubled after their initial public offering netted more than $800 million.

South Korea's Big Hit Entertainment, the company that manages global pop sensation BTS, had a dynamite trading debut on Thursday in Seoul, helped by the zeal of its loyal fans.

Big Hit's shares nearly doubled after their initial public offering netted more than $800 million. The strong start was widely expected by analysts given the huge fan base for the seven-member boy band that has been dominating Billboard charts. Its market value stood at about $7.5 billion by the end of trading.

Despite the concert-killing Covid-19 pandemic, Big Hit has prospered thanks to huge demand for its online content, including livestreamed BTS concerts that reportedly attracted more than 1.7 million fans.

The company's shares opened at 270,000 won ($236), about double their initial public offering price. They surged 30 per cent, hitting the daily trading limit, before falling back and closing at 258,000 won ($225), bringing the company's valuation to 8.7 trillion won ($7.5 billion).

BTS launched in 2013 and has a legion of global supporters who call themselves the 'Army'. It became the first K-pop act to top Billboard's Hot 100 chart last month with their first all-English song Dynamite. - AP