How much makeup do BTS members wear

Record label of K-Pop band BTS makes a furious stock market debut

By Reuters Staff

Seoul (Reuters) - The record label of the South Korean K-pop group BTS took off on its stock market debut in Seoul on Thursday.

Big Hit Entertainment's first course, at 270,000 won, was twice the issue price. The share then rose by up to 30 percent before concerns about the dependence on the success of the boy band BTS put pressure on the price. The shares closed at 258,000 won, but still 91 percent above the issue price. Big Hit was valued at the equivalent of 6.5 billion euros. Almost half of the ten million tradable shares changed hands on the first day of trading.

Big Hit depends on the success of the seven-piece boy band BTS, which has a huge and loyal fan base around the world. In the first half of the year, Big Hit generated 88 percent of its sales with BTS. But trouble threatens: the oldest band member has to register for two-year military service by the end of next year. Some South Korean politicians have called for the BTS members to be exempted from conscription. With their global success they would do a lot for their country without wearing a soldier's uniform. The seven band members became multimillionaires when they went public: They received shares that were worth almost 14 million euros at the issue price.

Thanks to their loyal fans, the corona restrictions have affected BTS comparatively little. With successful online concerts and merchandising sales, the band was able to largely make up for the loss of sales due to the absence of live concerts.