SpaceX IPO Allocation Falls Through, Asset Managers Hit... Some Secure Shares via Intraday Trading

Mirae Asset Securities Receives No IPO Share Allocation
Korea Investment Management Apologizes for Lack of Allotment
Mirae Asset Global Investments to Include Shares Two Days After Listing

Mirae Asset Securities, which was part of the underwriting syndicate for Elon Musk’s space company SpaceX's IPO shares, failed to secure an allocation, dealing a blow to domestic asset management firms that had subscribed to the offering.

According to the financial investment industry on June 13, Korea Investment Management and Mirae Asset Global Investments had planned to proactively secure a portion of SpaceX shares through this IPO subscription and include them in their exchange-traded funds (ETFs). However, these plans fell through.

Both Korea Investment Management and Mirae Asset Global Investments applied for SpaceX shares through Mirae Asset Securities, but as Mirae Asset Securities did not receive any allocation from the lead underwriter, they were unable to secure shares.

On the morning of June 13, Korea Investment Management explained to investors, "We were informed early this morning during the final allocation process that the lead underwriter for the SpaceX IPO did not allocate any shares available for sale to the domestic underwriting group."

Korea Investment Management stated, "Although this outcome was due to the unique and unpredictable nature of the U.S. IPO market, we are well aware of investors’ high expectations for the inclusion of SpaceX IPO shares. We sincerely apologize for having to share the news that no shares were allocated."

However, Korea Investment Management also revealed that, despite not receiving an IPO allocation, it managed to partially include SpaceX shares through intraday trading on SpaceX’s listing day. The scale of this inclusion was not disclosed.

Previously, Korea Investment Management had publicly announced its intention to participate in the SpaceX IPO. The allocated shares were planned to be distributed between the actively managed "ACE US Space Tech Active ETF" and the Korea Investment Global Space Technology & Defense Fund. On June 8, the company announced that individual net purchases of the "ACE US Space Tech Active ETF" had exceeded 60 billion won over the past month.

On the morning of June 12, the company posted on its website that "shares have been allocated and the exact amount will be announced soon," but later that afternoon, they informed investors that the announcement would be delayed, and on June 13, they reannounced that there was no final allocation.

Mirae Asset Global Investments had also planned to participate in the IPO investment through strategic products such as the "TIGER Global AI Active ETF" and the "TIGER Global AI Power Infrastructure Active ETF."

Mirae Asset Global Investments, which operates passive ETFs, is reportedly planning to include SpaceX shares starting from two trading days after SpaceX’s listing (T+2).

Other asset management firms also plan to include SpaceX shares in their passively managed "space"-related ETFs after the company’s listing. Active manager Timefolio Asset Management was planning to include SpaceX in its "TIME Global Space Tech & Defense Active" fund through market trading on the listing day.

Meanwhile, SpaceX, which listed on Nasdaq, made a successful debut, trading at $161.11—up 19.34% from its IPO price.

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