Mirae Asset Securities on the 12th (local time) was the only domestic brokerage to take part in the SpaceX IPO subscription on the Nasdaq in the United States, but it did not receive an allocation of shares. As a result, all subscription funds were fully refunded to investors.
On the 13th, Mirae Asset Securities told investors who had deposited margin for the SpaceX IPO subscription, "We offer our deepest apologies as we must deliver regrettable news to you," and stated accordingly.
It added, "Through the issuer and the lead underwriter, we were selected for the SpaceX IPO underwriting syndicate, but it was confirmed that no allocation was made in the final allotment process by the lead underwriter." It also said that full refunds of all subscription margins had been completed.
Earlier, Mirae Asset Securities conducted the SpaceX IPO subscription for domestic professional investors. According to the securities registration statement SpaceX filed with the U.S. Securities and Exchange Commission (SEC), Mirae Asset Securities was allocated 2,314,815 shares, or 0.42%, out of 505,555,555 Class A common shares.
SpaceX allocated IPO shares to 22 brokerages worldwide. Goldman Sachs and Morgan Stanley received the most, with 111,111,111 shares each. Three brokerages—Bank of America (BofA), Citigroup, and JPMorgan—were each allocated 83,333,333 shares. Japan's Mizuho Securities received 2,314,815 shares, the same as Mirae Asset Securities.
Regarding the fact that the IPO shares were not actually allocated, an official at Mirae Asset Securities said, "The underwriting volume for Mirae Asset Securities listed in SpaceX's SEC filing refers to the underwriting ratio for participating in the syndicate," and noted, "It is distinct from the final volume allocation that can be sold to actual investors."
The official continued, "As specified in the prospectus, the IPO proceeds through the underwriters' share purchases and acceptances, fulfillment of various conditions, and the lead underwriter's final allotment procedures," and said, "The sales volume each underwriter actually receives is determined at the lead underwriter's final discretion." Goldman Sachs served as the lead underwriter.
The official said, "Mirae Asset Securities, considering this possibility, had previously informed investors through the prospectus and the key information document that there might be no allocated volume," and added, "We are sorry for the inconvenience caused to customers who waited for the IPO subscription results."