Big Hit Entertainment, the label behind superstar K-pop group BTS has reportedly chosen the underwriters for its IPO with the aim of raising nearly $1bn.
According to the Financial Times, citing bankers familiar with the situation, the company has chosen JPMorgan, NH Investment & Securities, and Korea Investment & Securities.
Mirae Asset, meanwhile, has been picked as a joint manager.
The FT’s sources also said that Big Hit’s total valuation could be as high as Won 6tn ($5bn).
In 2019, Big Hit’s revenue doubled from the previous year to $494.6 million and reached annual operating profits of $82m.
On February 4, at the ‘Big Hit Corporate Briefing with the Community’ in Seoul, the company unveiled business expansion initiatives for 2020 and revealed various successes across concerts and IP last year.
Speaking to the FT, a banker close to Big Hit, said: “The IPO will draw a lot of interest from investors as the K-pop industry has become quite attractive.
“Big Hit will constantly put efforts into making Big Hit’s model and methodology the industry’s standard”.
Bang Si-Hyuk, Big Hit
Speaking at the Big Hit Corporate Briefing Co-CEO Bang Si-Hyuk (pictured), said: “Big Hit will ensure that fans, artists and the company which constitute the X, Y, Z axis of the music industry can grow fairly together.
“Big Hit will constantly put efforts into making Big Hit’s model and methodology the industry’s standard”.Music Business Worldwide