South Korean boy band BTS’s label makes a strong debut in ‘actually scorching’ IPO market

SINGAPORE — Shares of Big Hit Entertainment, the music label of Ok-pop superstars BTS, soared as they made their market debut in South Korea on Thursday.

Big Hit Entertainment’s inventory opened at opened at 270,000 Korean received (approx. $236) per share on Thursday, in accordance with Refinitiv Eikon. That was double the inventory’s situation worth of 135,000 Korean received per share. Shares prolonged good points after the open earlier than weakening, final buying and selling greater than 97% larger than the difficulty worth.

South Korea’s leisure sector is “becoming global-scale,” Daniel Yoo, head of world funding at Yuanta Securities Korea, informed CNBC’s “Squawk Box Asia” on Thursday.

If you take a look at the general IPO market, it is actually, actually scorching.

Daniel Yoo

Yuanta Securities Korea

“We think that the entertainment industry will be very important industry for Korea for investor(s) to invest,” Yoo mentioned.

Still, the analyst admitted that Big Hit Entertainment’s present valuation “might be too expensive” as its current dependency on the South Korean seven-member boyband BTS is “very high.”

South Korea’s ‘scorching’ IPO market

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