SEOUL (Reuters) - Big Hit Entertainment, the management label of South Korean K-Pop group BTS, has filed for a preliminary review of a planned initial public offering, the Korea Exchange said on Thursday.
JPMorgan (JPM.N), NH Investment & Securities and Korea Investment & Securities are the underwriters for the offering, the exchange said in a statement.
Founded in 2005, the South Korean talent agency behind global sensation BTS has helped the South Korean superstar boy band score megahits globally and sell out U.S. stadiums.
Founder Bang Si-hyuk held the biggest stake of 45.1% in Big Hit Entertainment as of the end of 2019, followed by gaming company Netmarble Corp’s (251270.KS) 25.1%, according to a regulatory filing by the music label.
In 2019, Big Hit reported an operating profit of 98.7 billion won.
Reporting by Heekyong Yang and Joyce Lee; editing by Jason Neely