K-pop group BTS' label Big Hit debuts at double its IPO price

Credit: REUTERS/KIM KYUNG-HOON

Big Hit Entertainment, the management label of popular South Korean boy band BTS, debuted at double its initial public offering (IPO) price on Thursday as investors scrambled for a piece of the country's largest listing in three years.

By Joyce Lee

SEOUL, Oct 15 (Reuters) - Big Hit Entertainment 352820.KS, the management label of popular South Korean boy band BTS, debuted at double its initial public offering (IPO) price on Thursday as investors scrambled for a piece of the country's largest listing in three years.

Big Hit shares opened at 270,000 won, valuing the company at about 9.6 trillion won ($8.38 billion), compared with an IPO price of 135,000 won per share last month.

That puts the company on track to join the all-time top 10 debuts on the South Korean stock market, based on first-day closing prices.

The stock rose as much as 30% in early trade to 351,000 won, compared with a 0.3% fall on the benchmark KOSPI .KS11.

($1 = 1,145.5400 won)

(Reporting by Joyce Lee; additional reporting by Gaurav Dogra in Bangalore; Editing by Tom Hogue and Jane Wardell)

((jungyoon.lee@tr.com; +82 2 6936 1467;))

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