The Financial Supervisory Service has begun looking into the facts and circumstances surrounding Mirae Asset Securities' failure to receive any IPO share allocation from SpaceX's public offering.
According to the financial investment industry on Saturday, the FSS plans to examine Mirae Asset Securities in connection with the SpaceX listing.
SpaceX listed on the Nasdaq on June 12 local time. Mirae Asset Securities had participated as a global co-underwriter in the offering but ultimately received no share allocation. The brokerage had planned to sell the shares to domestic professional investors — both individuals and corporations — who had subscribed in advance, but those plans fell through.
The FSS is working to establish the facts behind Mirae Asset Securities' failure to secure an IPO allocation intended for sale to domestic professional investors. Regulators are expected to examine whether the brokerage had anticipated receiving zero shares and whether it had disclosed to investors the possibility that the allocation could fall through.
The FSS will also look into whether Mirae Asset Securities separately received an IPO allocation by participating in the offering as an institutional investor. The brokerage is reported to have pooled funds from affiliates to secure a separate allocation through the institutional investor tranche.
SpaceX closed its Nasdaq debut on June 12 at $161.11, up 19.34 percent from its IPO price, after briefly touching $176.52 during trading. Based on the closing price, the company's market cap surpassed $2 trillion, placing it sixth on the Nasdaq by market capitalization.
park.jiyeong@heraldcorp.com
