The SpaceX logo is displayed at Kennedy Space Center. [AP/Yonhap]
The SpaceX logo is displayed at Kennedy Space Center. [AP/Yonhap]

Mirae Asset Securities said Wednesday it has granted withdrawal rights to individual and institutional professional investors who participated in the first and second rounds of its SpaceX IPO subscription offering.

In a notice distributed to investors that day, the brokerage said customers wishing to cancel their subscriptions may do so until noon Thursday, according to Yonhap News Agency.

Mirae Asset Securities had originally planned to credit allocated shares to customer accounts before completing the domestic depository process, allowing investors to trade on the day of listing — a measure intended to protect them from price swings as trading opened simultaneously around the world.

The plan was scrapped, however, after the firm determined that SpaceX shares could be reflected in customer accounts and made available for trading only after the US depository process and domestic receipt procedures were completed, a Mirae Asset Securities spokesperson said.

"The earliest date investors who subscribed to the IPO will be able to trade the shares is June 16, Korean Standard Time — at least two business days after the listing date," the spokesperson said.

"During that period, trading will not be possible, leaving investors exposed to share price fluctuation risk," the spokesperson said. "We sincerely apologize for the inconvenience caused to our customers and are informing them that they may withdraw their subscriptions in light of this uncertainty around the trading timeline."

The spokesperson added that the firm would continue to treat customer protection and market risk disclosure as its top priorities when offering future investment opportunities.

Elon Musk's aerospace company SpaceX plans to raise $75 billion (about 116 trillion won) through the IPO, which would be the largest in history. If the listing succeeds, the company's valuation is expected to reach $1.75 trillion (about 2,700 trillion won).

Mirae Asset Group joined the underwriting syndicate alongside more than 20 global investment banks. The allocation to Mirae Asset Group is expected to be finalized Thursday.


husn7@heraldcorp.com