The offering makes the label's co-CEO a billionaire and each BTS member a multimillionaire.
Big Hit Entertainment, the label behind K-pop superstars BTS, has priced its initial public offering (IPO) at the top of its target range, on track for its goal to go public by the end of the year.
The K-pop powerhouse is issuing shares at 135,000 won ($115) each, the company said in a filing with the Korean Exchange on Monday (Sept. 28), the top end of the 105,000 to 135,000 won per share range the company previously announced. Big Hit will raise 962.6 billion won (roughly $820 million) through the offering, which values the company at 4.8 trillion won ($4.1 billion).
Co-CEO Bang Si-Hyuk, a former songwriter and music producer who founded Big Hit in 2005, owns about 43% of the company, according to the stock exchange filing, making him a billionaire. Through the offering, each of the seven members of BTS are now multimillionaires -- Si-Hyuk gave each member 68,385 shares, according to an earlier filing, and those holdings are now worth nearly $7.9 million each at the issue price.