Mirae Asset Securities is aggressively disputing allegations that it bungled its role in SpaceX's initial public offering.
The South Korean brokerage claims it submitted binding orders totaling $1.14 billion between June 5 and June 10, strictly following lead underwriter instructions. The firm asserts it received confirmation that these orders were properly logged.
A Bloomberg report on June 30 claimed Mirae received a zero allocation due to a submission misunderstanding. Mirae has since labeled the report defamatory and is considering legal action.
The fallout has been immediate. Mirae apologized to clients after they were promised access to shares that never materialized, and it hinted at potential financial compensation. Simultaneously, South Korea’s Financial Supervisory Service broadened its investigation.
Mirae was the only member of the underwriting syndicate to receive no shares. If Mirae’s account is accurate, pressure will mount on lead underwriters to justify their allocation decisions.