"SpaceX IPO Shares for Koreans? Hype Grows... But Subscription Fails"

Mirae Asset Securities: "No IPO Shares Allocated... Full Subscription Refunds Issued"

Mirae Asset Securities was the only Korean brokerage firm to join the joint underwriter group for the SpaceX initial public offering (IPO) in the United States. However, it failed to secure any allocation of shares for domestic investors. As a result, investment in the IPO by Korean investors ultimately fell through. Despite intense interest and a sell-out in early stages, the failure to obtain shares in the subscription process is expected to spark controversy.

SpaceX employees are arriving at work. Photo by Reuters-Yonhap News

On June 13, Mirae Asset Securities announced, "In the final allocation process conducted by the lead underwriter, no shares available for sale were allocated to our firm, so we were unable to allocate any shares to our clients."

The company refunded the full deposit to all investors who had participated in the subscription process early this morning.

Previously, Mirae Asset Securities had offered SpaceX IPO subscription opportunities to professional investors in Korea. According to the securities registration statement SpaceX submitted to the U.S. Securities and Exchange Commission (SEC), Mirae Asset Securities was expected to be allocated 2,314,815 shares, which is 0.42% of the total 555,555,555 Class A common shares offered.

SpaceX allocated IPO shares to a total of 22 securities firms worldwide. Goldman Sachs and Morgan Stanley each received the largest allocation, with 111,111,111 shares apiece. Three other securities firms—Bank of America (BofA), Citigroup, and JPMorgan—were each allocated 83,333,333 shares.

On its first day of listing, SpaceX closed at $160.95, up 19.22% from its IPO price of $135, marking a successful debut. During intraday trading, the stock surged more than 30% to reach as high as $176.52.

This content was produced with the assistance of AI translation services.