Mirae Asset Securities, which took part in SpaceX's initial public offering (IPO), did not receive a single share in the allocation, fueling discontent among domestic investors.
According to the financial investment industry on the 14th, Mirae Asset Securities was the only domestic securities firm to accept subscriptions for the SpaceX IPO but failed to secure a final allocation. The market had expected Mirae Asset Securities to be allotted about 2.31 million shares, but no actual allocation was made.
As a result, complaints are mounting among investors who participated in the subscription. Some investors said they invested in related products on expectations of including SpaceX IPO shares, but ultimately secured no shares at all, expressing disappointment.
On the other hand, some say it is hard to hold Mirae Asset Securities responsible because the outcome followed the allocation decisions of lead underwriter Goldman Sachs and joint bookrunner JP Morgan.
The situation also affected related exchange-traded fund (ETF) managers. Mirae Asset Global Investments and Korea Investment Management had planned to include SpaceX IPO shares in their in-house space industry ETFs, but the plans fell through.
However, Korea Investment Management said that although it failed to receive an IPO allocation, it secured some shares through on-exchange purchases on the first day of listing.
Mirae Asset Securities fully refunded the deposits of individual and corporate professional investors and institutional investors who took part in the subscription and said it had provided advance notice that IPO shares might not be allocated during the subscription process.
Some investors are voicing discontent, saying Japanese securities firms received allocations while Korean securities firms were excluded, and some are said to have filed complaints with financial authorities and the National Petition System.
Meanwhile, SpaceX finished trading at $161.11 on the 12th (local time) on its first day on the Nasdaq, up 19.34% from the IPO price. Through this IPO, it raised $75 billion, setting a record for the largest-ever U.S. stock market listing.