Mirae Asset Securities Receives No SpaceX IPO Shares

Mirae Asset Securities refunds investors after Goldman Sachs allocates no SpaceX IPO shares

Mirae Asset Securities participated uniquely among domestic securities firms in the subscription for SpaceX's IPO listed on the U.S. Nasdaq market on the 12th, local time, but failed to receive any stock allocations. Consequently, the subscription funds were fully refunded to investors.

Mirae Asset Securities informed investors who deposited evidence funds for the SpaceX IPO subscription on the 13th, stating, "We deeply apologize for having to deliver unfortunate news to our customers," and announced the refund.

It further stated, "Although our firm was selected as an underwriter for SpaceX's IPO through the issuer and lead underwriter, it was confirmed that no allocations were made during the lead underwriter's final allocation process." It added that the full amount of subscription evidence funds had been processed for refund.

Earlier, Mirae Asset Securities conducted the SpaceX IPO subscription for domestic professional investors. According to the securities registration statement filed by SpaceX with the U.S. Securities and Exchange Commission (SEC), Mirae Asset Securities was allocated 0.42% of Class A common shares, amounting to 2,314,815 shares out of a total 505,555,555 shares.

SpaceX allocated its IPO shares to 22 securities firms worldwide. Goldman Sachs and Morgan Stanley each received the largest allocations at 111,111,111 shares. Three firms -- Bank of America (BofA), Citigroup, and JPMorgan -- each received 83,333,333 shares. Japan's Mizuho Securities received the same 2,314,815 shares as Mirae Asset Securities.

Regarding the fact that no actual IPO shares were allocated, a source from Mirae Asset Securities explained, "The underwriting volume for Mirae Asset Securities listed in SpaceX's SEC filings refers to the underwriting ratio based on participation in the underwriter group," adding, "This is distinct from the final allocation of shares available for sale to investors."

It continued, "As stated in the investment prospectus, SpaceX's IPO proceeds through a process including underwriters' acceptance of shares, fulfillment of all conditions, and the lead underwriter's final allocation process," noting, "The actual sales volume allocated to each underwriter is determined at the sole discretion of the lead underwriter." The lead underwriter was Goldman Sachs.

The source added, "Mirae Asset Securities had previously informed customers through the investment prospectus and key information document that there could be no allocations," and expressed regret, saying, "We sincerely apologize for the inconvenience caused to our customers who awaited the IPO subscription results."