Members of hugely popular South Korean K-Pop band BTS are expected to become multimillionaire shareholders after receiving shares in their record label, Big Hit Entertainment, as it prepares an initial public offering that could raise up to 962.6 billion won (Dh2.97 billion).
Big Hit Entertainment’s chief executive and largest shareholder Bang Si-hyuk last month gave 478,695 common shares to the seven BTS members, 68,385 each, to “strengthen long-term partnership with major artists and boost morale", the label said in a regulatory filing on Wednesday.
Each BTS member would get shares worth 9.23 billion won, or 64.6 billion won altogether, if the IPO is priced at the top of its range in October.
Big Hit plans to offer about 7.1 million shares at an indicative price range of 105,000-135,000 won per share.
The pricing potentially values the company at up to 4.8 trillion won , considering convertible preferred stocks plus common shares, analysts said.
"The stock could perform well upon listing, as there's a lot of liquidity in the market now... Then it depends on Big Hit's results, but the lack of physical concerts due to Covid-19 will likely have negative impact," said Nam Hyo-ji, analyst at KTB Investment and Securities.
Big Hit relies heavily on BTS, with about 87.7 per cent and 97.4 per cent of its revenue in the first half of 2020 and 2019 respectively coming from the group, the filing said.
With BTS members expected to enter mandatory military service for South Korean men in coming years, the label has worked to address market concerns that it needs to diversify its revenue streams.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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12.30pm GP3 race (18 laps)
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6.40pm Formula 2 race (31 laps)
Our family matters legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
