BTS label Big Hit Entertainment IPO to raise up to $811 million

South Korean pop group BTS performs during a Korean cultural event to which attend South Korean President Moon Jae-in and his wife Kim Jung-sook in Paris, France, October 14, 2018. Yoan Valat/Pool via REUTERS/Files

SEOUL (Reuters) - Big Hit Entertainment, the management label of hugely popular South Korean K-Pop group BTS, said on Wednesday it plans to raise up to 962.6 billion won ($811 million) in its planned initial public offering (IPO).

The IPO is one of the most highly-anticipated offerings in South Korea this year as retail investors bet heavily in the local stock market.

Big Hit plans to offer about 7.1 million newly-issued shares at an indicative price range of 105,000-135,000 won per share, according to a regulatory filing.

Last month, Big Hit reported 49.7 billion won in half-year profits as its online concert and merchandise sales more than offset event cancellations during the COVID-19 pandemic.

The listing is expected to occur in October.

($1 = 1,186.5400 won)

Reporting by Joyce Lee; editing by Jason Neely and Christian Schmollinger