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Seoul, Sep 28 (IANS) Big Hit Entertainment, the management agency for K-pop super group BTS, said on Monday that its initial public offering (IPO) price has been set at 135,000 South Korean won ($115) following last week's demand forecasting session.
Based on the offering price, Big Hit Entertainment is forecast to raise 962.6 billion won ($820 million) through the planned IPO, with its market value estimated to reach nearly 4.8 trillion won.
The planned IPO comes amid keen interest from local investors as BTS made history last month by becoming the first South Korean artist to top Billboard's Hot 100 singles chart with its disco-pop single "Dynamite".
The offering price represents the upper end of its IPO price range provided for two-day demand forecasting for domestic and foreign institutions investors.
A total of 1,420 institutions took part in the demand forecasting session for 4.28 million shares, or 60 percent of the 7.13 million shares Big Hit Entertainment plans to sell next month, reports Yonhap.
The proportion of shares allocated for institutions was 1,117.25 times oversubscribed, lower than the subscription rate of 1,479 times for Kakao Games Corp. that went public early this month.
But it was higher than 836 times for SK Biopharmaceuticals Co., which carried out an IPO in early July and sparked a subscription craze among retail investors.
Big Hit Entertainment is scheduled to allow general investors to subscribe to its shares on October 5-6 before making a debut on the country's main stock market on October 15.
--IANS
na/
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