Last month, Big Hit Entertainment — the label behind Okay-POP sensation BTS — introduced its plans for the largest preliminary public providing in South Korea over the previous three years. Trading for the corporate’s shares commenced yesterday, which noticed its inventory worth greater than double earlier than sharply plummeting by greater than 60 p.c over the course of simply two days.
In phrases of numbers, the expertise administration firm managed to boost $840 million USD by its IPO, with shares priced at 135,000 gained (approx. $117 USD). During its first day of buying and selling, share costs opened at 270,000 gained, doubling the IPO worth whereas persevering with to surge till it peaked at 327,500 gained (approx. $285 USD). The money out from the surge, together with worries of the corporate’s over-reliance on BTS alone, triggered share costs to sharply plummet earlier than closing, a development that continued all through the second day of buying and selling. At the time of writing, Big Hit Entertainment has skilled a staggering 63 p.c drop from its peak, reaching 200,500 gained (approx. $174 USD), although nonetheless sitting above its IPO worth.
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