HYBE Stocks Slip To Below The Initial Public Offering Price
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HYBE stocks dipped to as low as ₩129,000 KRW (about $90.70 USD) on September 28, below its initial public offering (IPO) price of ₩135,000 KRW (about $94.90 USD), amounting to a $10 billion loss in market value from the time it peaked in November 2021.
This is the first time HYBE’s stock has gone below its IPO price since it started trading in October 2020. The stock steadily rose until it peaked on November 18, 2021, at ₩419,000 KRW (about $295 USD) when HYBE announced investments in Korea’s largest crypto exchange, Dunamu, Inc.
HYBE stock had languished since June when BTS members announced their shift to solo projects while their military enlistment status remained uncertain. In August, news about NewJeans‘ debut contributed to a 15.67 percent rise in the stock price.
HYBE’s share prices have been on a downward trend due to investors’ apprehensions over HYBE’s profitability once BTS members enlist for military service since HYBE’s majority of profits are still credited to BTS.
Seoul stocks, in general, have also been on a downward trend and dropped to the lowest level in more than two years. Investor sentiment was affected by fears that the global economy would tumble into a recession due to aggressive rate hikes by the Federal Reserve and other nations following suit.
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