Bloomberg reported on the 30th (local time), citing multiple sources familiar with the matter, that the reason Korean retail investors received zero shares in SpaceX's IPO allocation is that Mirae Asset Securities only submitted investor demand figures and never actually placed a subscription order.
According to the report, lead underwriters for the SpaceX IPO, including Goldman Sachs and Morgan Stanley, sent an email in mid-May to roughly 20 co-underwriters requesting investor demand figures. Mirae Asset responded to that request right away.
But when the lead underwriters, following New York Stock Exchange convention, sent a separate email requesting the actual orders, Mirae Asset Securities mistook it for the same thing as the earlier demand submission and never submitted a single actual subscription order. The actual orders were received in June, after the lead underwriters sent that separate email.
Bloomberg reported that because Mirae Asset Securities only submitted retail investor demand and never submitted a single subscription order, the lead underwriters concluded there was no retail investor allocation received from Mirae Asset Securities and allocated it zero shares. At the time, retail investor demand tracked by Mirae Asset Securities came to $1.1 billion (about 1.7 trillion won).
Bloomberg noted that the lead underwriters Goldman Sachs and Morgan Stanley, as well as Mirae Asset Securities and Korea's Financial Supervisory Service, all declined to comment on the report.
Mirae Asset Securities took part as one of about 20 major global financial firms in the SpaceX co-underwriting syndicate and was expected to receive an allocation of 2.31 million shares of SpaceX Class A common stock, but ended up securing zero shares.
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In response, Mirae Asset Securities pushed back, saying "There was absolutely no misunderstanding or communication error on our part as described in the article." The company stated, "In May, demand aggregation under that process hadn't even begun yet." It added, "Following the process guided by the lead underwriting syndicate in early June, we submitted $1.14 billion collected from investors in Korea through a private-placement-based subscription process during the period of June 5-10, via the system provided by the lead underwriters," and further stated, "We even received official confirmation from the lead underwriter who provided that guidance."
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If the zero-shares outcome was intentional, this would be one of the great scams of the era
▶ Original source: https://news.nate.com/view/20260701n01656
