Fear of 20-month military service clouds BTS management label's IPO
The combined 58.4 trillion won in orders fell just shy of a record 58.55 trillion won in bids for the retail portion of Kakao Games’ listing in September.
“I waited until 2 p.m. this afternoon to subscribe because I wanted to choose the arranger with less competition for bidding,” said Oh Sang-min, a 32-year old retail worker who placed bids worth 100 million won after taking out a loan.There has been some concern that funds pouring in from retail investors could affect short-term money markets as the funds would be at brokerages’ disposal for three days before investors who are not allocated shares get their money back.
Some analysts said talk that the band’s members may have to complete mandatory military service could have prevented retail demand from reaching such lofty heights. But there have also been growing calls for BTS members to be granted alternatives or delays to the service, with some lawmakers and fans arguing they are doing plenty for their country without wearing a soldier’s uniform.
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