Big Hit Entertainment, the South Korean label behind hit pop group BTS, has filed for an IPO looking to raise up to 2 trillion won.
In March we reported that Big Hit Entertainment were looking to an initial public offering to raise funds. With the huge music scene in South Korea led by BTS, the record label are on a brilliant trajectory and are looking to translate that into investment for shares in the company.
According to Bloomberg, the label has now filed for an IPO in South Korea which other reports seem to corroborate. Reports say that the label went forward with their IPO on the Korea Exchange on May 21st and are in the process of a review consultation that usually takes around a week.
Their IPO may not be timed just based on their increasing popularity but based on their leading talent. The BTS boys are set to serve mandatory military service for South Korea starting with the first of the group this year. The label are reportedly looking to do their IPO before that happens.
The huge label are looking to raise up to $1 billion though some reports have suggested they could raise as much as $5billion or 6 trillion won before. Big Hit have chosent their underwriters and according to bankers familiar with the matter they’ve chosen JPMorgan, NH Investment & Securities, and Korea Investment & Securities to helm the trading.