YG Overcomes Drug Scandal to Price IPO Above Offer Range
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South Korea’s YG Entertainment Co. priced its initial public offering above a range offered to investors as growing interest in Korean pop music overshadowed a marijuana scandal involving the boy band Big Bang.
Seoul-based YG, which manages the band, will raise 42.4 billion won ($38 million) from selling almost 1.25 million shares for 34,000 won each, the company said in a regulatory filing yesterday. Stock in the IPO had been offered at 22,100 won to 28,800 won. The label plans to list its shares on South Korea’s junior Kosdaq Index on Nov. 23, it said.