Photo : YONHAP News
Mirae Asset Securities has apologized to investors for failing to secure an allocation of SpaceX shares in the American space firm’s record-setting initial public offering.
According to market insiders, the South Korean brokerage’s vice chairmen, Kim Mi-seob and Heo Sun-ho, issued the apology in a text message to investors on Monday.
The vice chairmen said they had proceeded with steps to secure the allocation after meeting all the necessary qualifications and requirements, but that the brokerage was left out of the final allocation by the U.S. lead underwriter.
Mirae Asset Securities placed an order for some two-point-31 million shares, but Goldman Sachs, which led the underwriting for SpaceX’s stock market debut, cut the entire allocation for South Korean investors on Friday last week.
Kim and Heo said the firm is trying to get the details behind the latest decision and vowed efforts to regain the investors’ trust, including providing financial compensation.