The parent company of K-Pop group PNS announced on Monday it was looking to raise $1 billion in an initial public offering.PNS, which has a market cap of $1 trillion, said it would use the cash to acquire assets including its headquarters and operations in the U.S., its headquarters in Shanghai and its digital assets.
The IPO will be made public on June 30.CEO Yoon Jae-sik said in a statement the company is looking for a suitable buyer and will “make a final decision on the final value of the acquisition by the end of the year.”
“We have made significant progress on our plans to build an innovative digital and media strategy and are focused on building a strong foundation for our future,” Yoon added.
The IPO will allow PNS to invest in new investments in the near future, according to the company’s press release.
Yoon also said PNS will launch a new social media platform to help people connect with its members and to make it easier to manage their personal profiles.
PNS has also said it will expand its reach beyond Korean audiences.
K-pop groups have become increasingly popular in the past decade and have made inroads into mainstream U.K. and U.A.E. markets.
PN has enjoyed success in both countries and has attracted millions of fans.PNA is a subsidiary of Kpop Star Entertainment Group, the largest Korean-language TV channel.