JPMorgan To Launch Korean Boy Band BTS' Label IPO

JPMorgan Chase & Co. JPM  and NH Investment and Securities are expected to be in charge of one of the largest IPOs in the South Korean entertainment industry.

What Happened

Big Hit Entertainment, BTS' label, has selected NH Investment & Securities, Korea Investment & Securities, and Mirae Asset Daewoo along with JPMorgan to launch its Initial Public Offering (IPO) according to Reuters.

The valuation of the offering is expected to be 6 Trillion won or approximately $5 billion, which would make it one of the largest in South Korea’s entertainment history.

Why It Matters

BTS was developed by Big Hit Entertainment, which introduced them to the U.S. market in 2014.

The band toured the United States in 2015 and 17 and became the first K-pop band to win a Billboard Music Award, having made it to the top 10 of the Billboard 200 charts. The band has also been featured at the American Music Awards, according to CNN.

Last year The Korean Herald reported that BTS might be worth between $1.08 billion and $1.88 billion

Price Action

JPMorgan shares traded 0.71% higher at $133.10 in the after-hours session on Monday. The shares had closed the regular session 2.69% lower at $132.16.

Photo Credit: Public domain photo via Wikimedia.