Mirae Asset Securities Sees SpaceX IPO Allocation Cut to Zero

Mirae Asset Securities, which participated as an underwriter in the initial public offering (IPO) of SpaceX, has had its entire allocation of shares for the offering canceled.

According to the financial investment industry, SpaceX had initially planned to allocate 2,314,815 shares to Mirae Asset Securities out of the 555,555,555 Class A common shares to be sold.

However, it is reported that Goldman Sachs, the lead underwriter, did not allocate any sellable shares to Mirae Asset Securities and other participants during the final allocation process.

This outcome reportedly stems from a reallocation of shares following a surge in demand, primarily from institutional investors, immediately after the Nasdaq listing.

The underwriting commitment stated in the U.S. Securities and Exchange Commission (SEC) filings refers to the underwriting ratio based on participation in the syndicate, which may differ from the final allocation of shares available for sale to actual investors.

A representative from Mirae Asset Securities stated, "The actual sales volume allocated to each underwriter is determined by the final discretion of the lead underwriter. We apologize for the inconvenience caused to our customers as the allocated volume was eliminated during this process."

Consequently, Mirae Asset Securities processed full refunds today (June 13) for the subscription deposits received from domestic individual and corporate professional investors, as well as institutional investors, who participated in the SpaceX IPO subscription that concluded on June 10.

The SpaceX subscription, which Mirae Asset Securities conducted recently in two rounds, drew significant attention, selling out within one to two minutes of opening despite a substantial total target amount of $500 million. Ultimately, however, the offering did not materialize for the firm.

Mirae Asset Securities stated, "We apologize for the inconvenience caused to our customers who waited for the results of this IPO subscription, and we will do our best to protect investors and provide stable services in the future."

Meanwhile, SpaceX, now listed on the Nasdaq, completed a successful debut, closing at $161.11, up 19.34% from its offering price.

Through this IPO, SpaceX raised $75 billion, approximately 114 trillion Korean won, marking the largest scale in history.
※ Please note: This article was translated by AI and may contain errors.