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Music and entertainment

HYBE raises $400 mn in a move to diversify BTS-dependent portfolio

The shareholders are optimistic about HYBE's strategic direction to create new revenue streams globally

By Jun 03, 2021 (Gmt+09:00)

1 Min read

HYBE Chairman Bang Si-hyuk (center) with BTS members.
HYBE Chairman Bang Si-hyuk (center) with BTS members.

HYBE Co., the global entertainment powerhouse behind BTS, has successfully closed its previously announced rights offering to raise 445.5 billion won ($400 million).  

According to the investment banking industry on Jun. 3, the company sold an aggregate of 2,227,848 shares at the subscription price of 200,000 won ($180.08).

HYBE shares on Jun. 2 closed at 263,500 won ($237.26), 31.7% higher than the subscription price. The investors can start selling the newly issued stocks in the market immediately from their day of listing on Jun. 22.

HYBE Chairman Bang Si-hyuk is reported to have purchased all 774,057 shares that he was assigned as the largest shareholder. HYBE’s second-largest shareholder Netmarble Co. has fully purchased its assigned shares as well.

Analysts say that the successful closing of the rights issue demonstrates the market’s approval of HYBE’s new corporate direction as a global entertainment company.

HYBE’s and Ithaca’s top executives and artists celebrating the merger of the two companies. 
HYBE’s and Ithaca’s top executives and artists celebrating the merger of the two companies. 

HYBE said that the newly raised fund of $400 million will be used for the acquisition of Ithaca Holdings, a US-based integrated media company that manages global artists including Justin Bieber and Ariana Grande. HYBE is acquiring Ithaca holdings at 1.186 trillion won ($1.07 billion).

Write to Jin-seong Kim at jskim1028@hankyung.com
Daniel Cho edited this article.
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