The Korea Herald


[Monitor] BTS' stocks plunge 22% on 2nd day

By Korea Herald

Published : Oct. 19, 2020 - 11:00

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South Korea’s stock market has been reinvigorated by a series of major initial public offerings this year.

Starting with the IPO of SK Biopharmaceuticals in July, promising biopharmaceutical firms and other tech companies went public with their initial prices soaring rapidly ahead of IPOs.

But recently, newly listed stocks were bearish unlike initial expectations.

Big Hit Entertainment, the entertainment agency behind K-pop boy band BTS, slid for two straight days right after the high profile IPO on Thursday.

The company’s stock price traded 19.77 percent lower at 207,000 won ($180) in intraday trading Friday.

After soaring by 30 percent to 351,000 won on its Thursday debut on the main bourse Kospi, the stock closed at 258,000 won, down 4.4 percent from the opening price of 270,000 won.

BTS’ offering price stood at 135,000 won.