Mirae Gets No SpaceX IPO Shares After $1.1 Billion Order Mistake
Mirae Asset Management, South Korea’s largest brokerage, has become the only one of 23 underwriters in SpaceX’s initial public offering to receive no stock allocation. According to a Bloomberg report, the omission occurred after Mirae failed to enter approximately $1.1 billion in client orders into the official order book during the bookbuilding process.
The mix-up traces back to an early request from lead underwriters to gauge investor interest. Mirae misunderstood the inquiry, believing it had already submitted binding orders when it had only provided a non-binding indication of demand. The error prompted a public apology to clients and triggered a regulatory inspection of the firm's practices by South Korean authorities.
From the sources (3 posts)
@edludlowThe SpaceX IPO, Mirae story is almost unbelievable. Mirae reportedly misunderstood an early request from the IPO's lead banks to gauge investor interest, believing it had already submitted its clients' binding orders for SpaceX shares when
@katie_roofRT @EdLudlow: The SpaceX IPO, Mirae story is almost unbelievable. Mirae reportedly misunderstood an early request from the IPO's lead bank…
@businessSpaceX’s record-breaking IPO has left South Korea’s biggest brokerage as the only one of 23 underwriters to receive no stock allocation, forcing it to apologize to its clients and have its practices inspected by local regulators. https://t.