Kakao M will provide paid-in capital increase for executives and their artists. The company stated that it has decided to increase its third-party allocation paid-in capital worth 68.8 billion won (approximately $57.1 million).
The company plans to go public with an IPO in near future. And this capital increase meant to tighten the relationship with its celebrities and executives.
It issues 568,771 new shares and the price of the new shares is 122,695 won per share.
Two companies and 17 individuals participated in Kakao M paid in capital increase
NH Nonghyup Bank invested the largest amount. It will be receiving 275,347 new shares. Individuals on the industry also participated. Including film director Yoon Jong-bin will be receiving 65,202 shares. And Awesome CEO Yang Keun-hwan will be receiving 32,601 shares. Awesome is a subsidiary of Kakao M.
In addition, stylist Han Hye-yeon will be eceiving 40,751 shares, actor Hyun Bin 24,451 shares. The actor has invested around 3 billion won in thecompany. Actor Lee Min-ho 16,301 shares and Park Seo-joon 12,225 shares.
Behind Lee’s participation in the paid-in capital increase was Kakao M’s strategic partnership with Lee’s agency MYM Entertainment. GM Group, an investment firm of MYM Entertainment, also participated in the paid-in capital increase.
Other individuals are MONSTA X’s Yoo Ki-hyun who will receive 7,906 shares and then singer K-Woill who will receive 7,335 shares. Actor Lee Hyun-woo will receive 2,445 shares while singer Son Na-eun will receive 1,630 shares. Other singer including Soyu and actor Kim So-hyun and Oh Min-seok will receive 815 shares, respectively.
Kakao M is the entertainment division of Kakao Corp. The company is also a parent company to many South Korean entertainment agencies. Including Starship Entertainment, PLAN A Entertainment, and many more.
The entertainment industry in Korea itself is a big industry both domestic and internationally. With the K-Pop fever spreading across the world, the market cap of the industry grew larger every day.
Meanwhile, Kakao has recently makes its first listing for its cryptocurrency. KLAY is now listed on Upbit Indonesia and soon to be followed by Upbit Singapore.
