Overview
- Mirae Asset Securities told clients it was listed in SEC filings as committed to about 2.31 million SpaceX shares but received zero in the final allocation and has refunded all subscription deposits.
- The brokerage issued a public apology and said it would consider financial compensation while it investigates how the allocation decision unfolded.
- South Korea’s Financial Supervisory Service expanded an on-site inspection into a formal probe to examine Mirae’s disclosures, marketing and whether investors were warned they might get no shares.
- Investors who missed the IPO instead bought SpaceX on the open market at roughly a 19% premium to the $135 IPO price and some asset managers plan index-driven ETF inclusions to obtain exposure.
- The episode highlights how U.S. lead underwriters use discretionary bookbuilding to favor large institutional demand and raises questions about how Korean brokerages will secure access to future megadeals.