Mirae Asset Securities, which joined the domestic underwriting syndicate for the U.S. space company SpaceX's public offering, received no saleable allocation in the final allotment stage, prompting asset managers that had planned to use it to add SpaceX to their ETFs to activate alternative strategies.
According to the financial investment industry on the 14th, Mirae Asset Securities joined as a global co-underwriter for SpaceX, which listed on Nasdaq on the 12th (local time), and was initially set to receive 2,314,815 shares (about 470 billion won at the offer price), but received no allocation in the final allotment process led by bookrunner Goldman Sachs.
It is seen as a result of the underwriter reassigning shares as institutional demand in the United States surged more than expected. Mirae Asset Securities fully refunded the deposits of investors who subscribed.
On the first day of listing, SpaceX ended trading at $160.95, up 19.22% from the offer price of $135.
Asset managers that had sought to subscribe through Mirae Asset Securities activated plan B. Korea Investment Management had planned to add SpaceX at the offer price to the "ACE U.S. Space Tech Active ETF" and the "Korea Investment Global Space Technology & Defense Fund."
However, when securing IPO shares fell through, it added some SpaceX shares to the ACE U.S. Space Tech Active ETF through intraday trading on the first day of listing. The specific purchase size was not disclosed. But because the purchase was made at the market price, not the offer price, it became difficult to fully enjoy the immediate post-listing excess returns.
Timefolio Asset Management was also said to have chosen a similar approach. It was reported that SpaceX would be added to products such as "TIME Global Space Tech & Defense Active" through intraday trading on the first day of listing. However, it was not confirmed whether the intraday purchase actually took place.
Mirae Asset Global Investments sought to participate in the IPO through the "TIGER Global AI Active ETF" and the "TIGER Global AI Power Infrastructure Active ETF," but likewise received no allocation. However, the company's space-themed passive ETF and other firms' passive ETFs will add SpaceX starting two business days after listing (T+2) in line with index inclusion rules, according to separate schedules.
In addition, Samsung Asset Management's KODEX U.S. Aerospace ETF can make a special inclusion of up to 25% when a high-quality space company lists. Hana Asset Management's 1Q U.S. Aerospace Tech is also a product that can invest indirectly in SpaceX shares.
However, as funds had flowed into related ETFs on expectations of preemptive inclusion through IPO shares, some investors are raising issues about the gap between prior guidance and actual results. According to the Korea Exchange (KRX), as of the 11th, the total net worth of nine domestic space-related ETFs was 5.2 trillion won, up about 1.4 trillion won from a month earlier (3.8 trillion won).
The Financial Supervisory Service has reportedly begun looking into the circumstances related to this matter. The Financial Supervisory Service plans to examine why and how Mirae Asset Securities failed to receive an IPO allocation.
Meanwhile, separately from this domestic subscription case, affiliates of the Mirae Asset group participated in the SpaceX IPO as local institutional investors through Mirae Asset Global Investments' U.S. unit and received IPO shares. (☞[Exclusive] Mirae Asset makes proprietary investment in SpaceX IPO in the U.S.… half of the 700 billion won target subscribed) About half of the $460 million (about 700 billion won) committed amount was reportedly subscribed.