Mirae Asset Misunderstands SpaceX IPO Process, Gets Zero Shares

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Mirae Asset Securities received no stock allocation in SpaceX's record-breaking $86 billion initial public offering after a misunderstanding over order submission left more than $1.1 billion of Korean investor demand unentered into the order book. The brokerage, the only one of 23 underwriters to get zero shares, treated an early request to indicate interest as the point for binding orders, while lead managers Goldman Sachs, Morgan Stanley, and Citigroup viewed those responses as non-binding indications. South Korea's Financial Supervisory Service has expanded an inspection to examine the failure to secure an allocation, and Mirae vice chairmen apologized to clients, pledging a review to restore trust.

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