As K-pop continues to devour the world, the record label and management company that developed BTS — one of the first K-pop groups to reach global superstardom in the streaming era — is looking to expand even further. Big Hit Entertainment first filed for its IPO in May, but on Friday, South Korean stock exchange company Korea Exchange gave Big Hit its first green light to move forward, declaring that it “fulfills the requirements to go public.”

According to Variety, which first reported the news, Big Hit’s next steps will include filing a securities registration statement with the Financial Services Commission. That’s supposed to happen within the next six months. Big Hit, however, has not yet revealed any concrete details surrounding the date, structure, or size of the share sale — but, as Reuters has pointed out, JP Morgan, NH Investment & Securities, and Korea Investment & Securities have already signed on as underwriters.

BTS, Big Hit’s crown jewel, earned more from touring than any other musical group on the road in 2019, generating more than $196 million from less than 50 shows and outgrossing even The Rolling Stones. Though demand for BTS reaches new heights each week, Big Hit is still a relatively small company — it doesn’t live within a major corporate entity like Universal, Sony, or Warner, at least not on a worldwide scale. By opening itself up to investments, the company could generate enough revenue to build offices in other countries and hire more executives, for example.

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