Data on the 26th showed that 97.5% of the total offering of the Public Growth Fund for public participation was sold out just two days after its launch.
According to the Financial Services Commission, as of 5 p.m. the same day, about 585 billion won (97.5% of the offering) of the 600 billion won fundraising target for the Public Growth Fund had been sold.
All offline and online allocations at the 10 banks selling the Public Growth Fund were sold out. At 15 securities firms, online allocations were also completely sold out.
As of the day, only the offline allocations at nine securities firms were reported to have a total of 15.04 billion won remaining (about 2.5%).
Securities firms holding remaining offline allocations are: ▲ Woori Investment & Securities (4.1 billion won) ▲ Samsung Securities (2.86 billion won) ▲ KB Securities (2.8 billion won) ▲ Hanwha Investment & Securities (2.6 billion won) ▲ Yuanta Securities Korea (1.9 billion won) ▲ Shinyoung Securities (340 million won) ▲ Shinhan Investment & Securities (190 million won) ▲ IM Securities (190 million won) ▲ Meritz Securities (60 million won).
On the first day of its launch on the 22nd, the Public Growth Fund sold 87% of its total allocation.
The Public Growth Fund pools 600 billion won in public funds and 120 billion won in fiscal funds to create a master fund, which is operated by investing in 10 feeder funds. Government fiscal funds will cover up to 20% of losses in the feeder funds first, and benefits such as income deductions (up to 40%, capped at 18 million won) and separate taxation on dividend income (9%) are provided.
It was originally planned to raise 600 billion won each year for five years starting this year, but with demand proving stronger than expected, the Financial Services Commission is reviewing additional supply in the second half.