The huge South Korean label are moving to the next stage in launching their IPO in which they hope to raise $1.6 billion.

Big Hit Entertainment are the huge South Korean entertainment label behind the global phenomena of BTS and many other huge acts. We reported earlier this year that they were looking to launch an IPO in hopes to raise up to 2 trillion won (roughly $1.6 billion) and it seems they’re getting closer.

According to reports from South Korea, Big Hit Entertainment’s IPO has passed the preliminary Korea Exchange analysis giving them six months now to file the application with their Financial Services Commission. Passing this necessary test means that the huge label are pretty much on the home straight to go ahead with their IPO now once they’ve filed it.

The label likely won’t want to waste any time with moving forward as their artist roster is in such a huge position globally thanks in large part to the massive popularity of BTS. The huge South Korean pop group have even defied COVID concert cancellations this year by putting on a record-breaking online concert.