Mirae Asset Shares Fall on SpaceX IPO Allocation Failure

Mirae Asset Securities recovers after initial drop; related stocks decline

Shares of Mirae Asset Group affiliates are declining in early trading on the 15th following news that Mirae Asset Securities, which participated in the initial public offering (IPO) of U.S. space company SpaceX, failed to secure even a single share allocation.

As of 9:38 a.m. on the same day, Mirae Asset Securities was trading at 53,100 Korean won, up 1.34% (700 Korean won) from the previous trading day.

Mirae Asset Securities had initially fallen by over 3% immediately after the market opened, dropping to the 53,000 Korean won range, but later turned upward.

Related stocks are also declining. Mirae Asset Life Insurance is down in the 2% range, while Mirae Asset Venture Investment is showing a decline in the 18% range.

Earlier, Mirae Asset Securities participated as a domestic underwriter in the subscription for SpaceX's IPO shares. However, it was reported that the company failed to secure the final allocation.

Originally, SpaceX had planned to allocate 2,314,815 shares out of the 555,555,555 Class A common shares it sold in this offering to Mirae Asset Securities.

However, it was reported that Goldman Sachs, the lead underwriter, completely eliminated the allocation of IPO shares that were initially planned for Mirae Asset Securities and others during the final allocation process.