Read more: BTS Pop Band Triggers $1.7 Billion Stock Rout on Shift to Solos
Shares of K-pop juggernaut BTS’s managing agency tumbled below the initial public offering price for the first time, extending a rout that’s wiped about US$10 billion in market value from the peak.
Hybe Co. dropped 7.1% to 130,000 won on Wednesday, below its 135,000 won debut price. The stock has languished since a June plunge when the boy band made a shocking announcement to shift to solo projects, with the members’ looming deadline on military service adding to risks.
