BTS Manager Big Hit Entertainment Sees Stock Plummet Over 20%
After share prices doubled for trading debut.
The company’s stocks fell as much as 23 percent from their initial public offering (IPO) price, ₩ 135,000 won (approximately $117 USD), which qualified BTS’ seven members as multi-millionaires. Buzz surrounding Big Hit’s IPO caused the company to double its share prices, leading to a 30 percent surge and subsequent crash shortly after. Prices peaked at ₩ 327,500 won (approximately $285 USD) and now, stocks are continuing to decrease.
In 2019, Big Hit reported a staggering $86 million USD in profit. Through its IPO, the company raised over $800 million USD from investors and is now valued at approximately $4 billion USD.