K-pop group BTS' label Big Hit debuts at double its IPO price

Big Hit shares opened at 270,000 won, valuing the company at about 9.6 trillion won ($8.38 billion), compared with an IPO price of 135,000 won per share last month. That puts the company on track to join the all-time top 10 debuts on the South Korean stock market, based on first-day closing prices.

Big Hit Entertainment, the management label of popular South Korean boy band BTS, debuted at double its initial public offering (IPO) price on Thursday as investors scrambled for a piece of the country's largest listing in three years. Big Hit shares opened at 270,000 won, valuing the company at about 9.6 trillion won ($8.38 billion), compared with an IPO price of 135,000 won per share last month.

That puts the company on track to join the all-time top 10 debuts on the South Korean stock market, based on first-day closing prices. The stock rose as much as 30% in early trade to 351,000 won, compared with a 0.3% fall on the benchmark KOSPI.

($1 = 1,145.5400 won)