Mirae Asset Securities' second subscription for SpaceX shares sold out early, industry sources said. The first subscription on June 5 closed in about 1 minute. The second round also ran out of shares immediately after opening, confirming investor interest in a SpaceX listing.
The financial investment industry said on Monday that Mirae Asset Securities began the second subscription at 8:30 a.m. The entire allocation was exhausted in less than 2 minutes, it said.
The second subscription was offered to individual and corporate professional investors. The planned fundraising amount was $500 million. The minimum participation amount was set at $100,000 and the maximum at $3 million.
Mirae Asset Securities earlier ran the first subscription on June 5 for $300 million. At the time, sales ended about 1 minute after subscriptions opened. With both rounds closing early, demand from professional investors for SpaceX shares was strong.
The actual number of shares allocated to each investor is expected to be finalised around June 12, when SpaceX is officially listed on Nasdaq. Refunds of remaining balances after subscriptions are also expected to be made on the same day.
Aerospace company SpaceX, led by Elon Musk, plans to raise $75 billion, the largest amount ever, through this initial public offering. If the listing succeeds, its valuation is expected to reach $1.75 trillion.
Mirae Asset Group joined the SpaceX IPO underwriting group along with about 20 global investment banks. The final allocation to Mirae Asset Group is expected to be confirmed on June 11.
With the SpaceX listing approaching, interest is also growing in domestic space-themed investment products. Short-term volatility in space-themed exchange-traded funds, public funds and related stocks could increase depending on whether SpaceX-related shares are secured and how the stock moves on its first day of trading, the outlook said.