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Fans of boy band BTS join swarm of Ants chasing South Korea's hit IPO Big Hit is looking to raise as much as 962.6 billion won ($825.9 million) in the IPO that is set to be South Korea's largest in three years
SEOUL (Reuters) - Kim Eun-hee wants to complete her collection of memorabilia of Korean boy band BTS by bidding more than $120,000 to buy shares in the group's music label Big Hit Entertainment in South Korea's hottest IPO, which could even shake money-markets. Fervour is building among die-hard South Korean BTS fans to secure at least one share of the K-pop band's label as order books for next month's listing opened this week. "I'm adding my support to BTS by buying shares; it will add onto my collection here," the
51 year-old said in the BTS-themed cafe she runs in Seoul, which is filled with BTS merchandise, from a 47-inch wide photo of band member Jin to toys designed by the group. Big Hit Entertainment is betting that going public will be a smash hit riding on the success of the seven-member band, which has become the first South Korean group to reach No.1 on the U.S. Billboard Hot 100 singles chart with catchy song "Dynamite." There is already insatiable demand for new share listings from South Korean retail investors - known as "Ants" - because government stimulus efforts to bolster the economy after the coronavirus crisis has flooded markets with cash.