On June 30, Bloomberg cited multiple anonymous sources stating that Mirae Asset Securities misinterpreted the Indication of Interest (IOI) process during the SpaceX IPO. According to the report, the lead underwriters sent an email in mid-May to gauge expected investment demand from the underwriting team before the book-building process. Mirae Asset Securities believed it had received customer orders, while the underwriters viewed it merely as an expression of interest.
Bloomberg noted that actual orders needed to be submitted through a separate procedure outlined by the lead underwriters in June, which Mirae Asset Securities failed to complete. Consequently, over $1.1 billion (approximately 1.5 trillion won) in domestic investor demand was not reflected in the order book.
Additionally, the New York-based lead underwriters concluded that Mirae Asset Securities had not submitted retail orders, resulting in no shares being allocated to them. The report indicated that Mirae Asset Securities was the only firm among the 23 underwriters that did not receive any allocation.
Bloomberg characterized this incident as a critical example of communication issues between Mirae Asset Securities and the lead underwriters.
Conversely, Mirae Asset Securities issued a statement on the same day, completely denying Bloomberg's claims. The company asserted that the article relied on unverified sources rather than official opinions from the lead underwriters, stating, "The misunderstandings or communication errors mentioned in the article are entirely false."
Mirae Asset Securities emphasized that since being included in the final underwriting team on May 21, it had been communicating with the lead underwriters to proceed with the IPO process. They stated that from June 5 to June 10, they applied for $1.14 billion in shares through the system indicated by the lead underwriters and received official confirmation from them.
The company specifically refuted the claim that it did not submit actual orders in June because it believed customer orders had already been received in May, clarifying that the demand aggregation had not even begun at that time.
While acknowledging that the final allocation of shares is at the discretion of the lead underwriters, Mirae Asset Securities condemned the unsubstantiated claims of communication errors leading to unreceived orders, stating, "We cannot tolerate defamatory statements that have caused serious damage to the company and shareholder value. We plan to hold Bloomberg accountable for this."
This controversy arose after Mirae Asset Securities failed to secure any shares from the SpaceX IPO despite having solicited applications from domestic investors. The Financial Supervisory Service is currently expanding its investigation into the circumstances surrounding the unallocated shares and the eligibility of investors.
* This article has been translated by AI.
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