Big Hit Entertainment, the management agency of K-pop superstars BTS, debuted on South Korea’s main bourse on Thursday, building a valuation higher than the country’s next three largest entertainment companies combined. Big Hit shares opened at 270,000 won ($236) on Thursday on the Korea Exchange and jumped by the daily upper limit of 30 per cent to 351,000 won three minutes after the market opening, Yonhap news agency reported.
Still, the closing price is a sharp hike from the initial public offering price of 135,000 won. The company’s high initial price may have triggered a selling spree for profit-taking, analysts said.
“We will uphold the stockholder’s value in various terms by raising profitability, growth potential and contributions to society,” Big Hit Entertainment Chairman and CEO Bang Si-hyuk said at the listing ceremony, which was live-streamed on YouTube. “We will spur efforts to become the world’s best entertainment and lifestyle company,” he added. BTS members were not present at the ceremony.