Big Hit Entertainment, the management agency of K-pop superstar BTS, is set to close a two-day subscription Tuesday for its initial public offering (IPO) next week in what could be the biggest stock sale in South Korea.

Since Monday, the company has allowed retail investors to subscribe to around 1.43 million shares, or 20 percent of its 7.13 million new stocks to be issued under the IPO scheduled for Oct. 15. The IPO price is 135,000 won ($116).

Reflecting the global popularity of the K-pop band, individual investors deposited about 8.6 trillion won on the first day of the subscription, with the shares oversubscribed by 89.6 times. The deadline for the subscription is 4 p.m.

The agency's planned share sale is regarded as this year's top three IPO deals in South Korea, along with biopharmaceutical blue chip SK Biopharmaceuticals and mobile game giant Kakao Games.

In September, Kakao Games attracted the largest subscription deposits with 58.5 trillion won from retail investors. SK Biopharmaceuticals saw individual investors chip in 31 trillion won in deposits.

SK Biopharmaceuticals and Kakao Games made a strong market debut in July and September, respectively, finishing at more than double their IPO prices.

Market watchers said the BTS agency may break the game company's record subscription in light of the band's history-making feat in the music industry and retail investors' rush for stock market investment amid a long streak of low rates.

The planned IPO has drawn keen interest from local investors, as BTS became the first South Korean artist in late August to top Billboard's Hot 100 singles chart with its disco-pop single "Dynamite."

Based on the IPO price, Big Hit Entertainment is forecast to raise 962.6 billion won through the scheduled public share offering, with its market value estimated to reach nearly 4.8 trillion won.

The projected market capitalization of Big Hit Entertainment is well above the combined market value of the nation's three major management agencies -- JYP Entertainment, YG Entertainment and SM Entertainment.

The BTS agency's annual sales almost doubled to 587.2 billion won on-year in 2019 and posted an operating profit of 98.7 billion won. (Yonhap)