Business

K-pop boyband BTS members cash out $8.5 million worth of shares in their management agency, Hybe

BTS
K-pop band BTS.

  • Hybe founder and chairman Bang Si-hyuk gifted company shares to all 7 BTS members before it went public. 
  • Share prices of Seoul-based Hybe hit a record high of 421,500 won ($359) on Nov. 17 — triple its IPO offer price of 135,000 won ($115) a share in October 2020.
  • The K-pop sensation is currently in Los Angeles where they are holding in-person concerts for the first time since the pandemic started.

Three members of K-pop boyband BTS have sold around 10 billion South Korean won ($8.5 million) worth of shares in their management agency, Hybe, according to the Korea Herald.

The members — Jin, J-Hope and RM — sold the Hybe shares over several regular trading sessions from October 13 to November 9, according to the media outlet, citing a regulatory filing.

Hybe founder and Chairman Bang Si-hyuk had gifted 478,695 common shares of the agency to the band members in September 2020 before the company went public. The 1.4% stake was evenly distributed to the seven members.

The move was “to strengthen long-term partnership with major artists and boost morale,” said the agency, which was previously known as Big Hit Entertainment, according to Reuters.

The K-pop sensation is currently in Los Angeles where it’s holding in-person concerts for the first time since the pandemic started.

Share prices of Seoul-based Hybe hit a record high of 421,500 won ($359) on Nov. 17 — triple its IPO offer price of 135,000 won ($115) a share in October 2020.

They’re about 6.5% lower on Thursday but have gained about 111% year-to-date.

Read the original article on Business Insider

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