Mirae Asset Securities (006800.KS) has been allocated about 470 billion won worth of shares in the initial public offering (IPO) of U.S. space company SpaceX. As a Korean brokerage takes a substantial part in the SpaceX listing, attention is also turning to expanded investment through related exchange-traded funds (ETFs).
According to SpaceX's registration statement filed with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the volume allocated to the SpaceX Korea Tranche is 2,314,815 shares. Based on the offering price, the allocation amounts to about $312.5 million (approximately 475.6 billion won). SpaceX's offering price is $135 per share (approximately 205,000 won). SpaceX will raise $75 billion (approximately 113.8 trillion won) by selling 555.56 million shares.
The Korea Tranche is a volume set aside separately for strategic investors and institutional investors by country. Mirae Asset Securities is known to have secured the volume by participating in the SpaceX IPO underwriting group.
The total offering volume in this IPO is 555,555,555 shares. The Korea Tranche accounts for about 0.4% of the total, which is not large, but it is considered significant in that a Korean brokerage directly participated in the listing of the world's largest unlisted space company.
Individual investors can invest in SpaceX through indirect investment via ETFs. Among domestic asset managers, Korea Investment Management and Mirae Asset Global Investments plan to participate in the IPO and distribute the shares to their ETFs. Korea Investment Management plans to participate in the SpaceX offering through "ACE U.S. Space Tech Active," while Mirae Asset Global Investments plans to do so through the "TIGER Global AI Active ETF" and "TIGER Global AI Power Infrastructure Active ETF," among others. Competitor ETFs, including Samsung Asset Management's KODEX, also plan to complete the inclusion of SpaceX within one to two trading days after the listing.
The market sees how much of the final allocated volume is included in which products as a key point to watch going forward. In particular, if SpaceX is added to major global indexes, the scale of passive fund inflows could increase significantly, drawing attention to changes in the supply and demand of related ETFs.
