Big Hit market debut takes a hit from reliance on BTS

Korea K-Pop band BTS

SEOUL: Big Hit Entertainment, the management label of South Korean superstar K-pop group BTS, hit the stock market with a 9.6 trillion won (US$8.38bil) valuation yesterday before worries over its narrow revenue stream pulled shares below the debut price.

Big Hit, which relies heavily on the boy band for revenue, opened at 270,000 won – double its initial public offering (IPO) price – and surged by as much as 30% in early trade before dropping back to close at 258,000 won.