우주로 가는 티켓, 기대와 현실 사이: 스페이스X IPO와 미래에셋의 딜레마 > K-wave Trends

The core of this controversy lies in the gap between expectations about whether trading is possible on the day of listing and the actual system. In order to protect investors, Mirae Asset Securities initially planned to quickly reflect public offering stocks in customer accounts even before depositing them at the Korea Securities Depository, allowing them to trade from the day of listing simultaneously with investors around the world. However, as the public offering process in the U.S. and the physical warehousing process of the domestic deposit and settlement system are aligned, it has been confirmed that it takes at least 2 business days for the stocks to be actually received in the account. As a result, Korean investors were forced to watch and not trade during the ‘golden time’ when stock price volatility is maximized immediately after listing.

The reason this situation was unfavorable for investors was because of the inherent characteristics of the stock market. The main purpose of investing in public stocks is to realize market profits when the stock price surges during the initial stage of listing, but a gap of two business days can pose a fatal risk to investors. This is because when stock prices fluctuate rapidly due to the start of global trading on the day of listing, domestic investors have no means to respond. Accordingly, Mirae Asset Securities decided to allow subscription withdrawal until noon on the 11th as a preemptive customer protection measure. This can be interpreted as an intention to prevent potential investment losses in advance and restore trust by giving investors a choice.

Meanwhile, this listing of Space Through this IPO, SpaceX plans to raise approximately $75 billion, and the corporate value after listing is expected to reach $1.75 trillion. These expectations are clearly evident not only in domestic public offering subscriptions but also in the global virtual asset market. In fact, trillions of won worth of funds are flowing into pre-IPO futures products on global exchanges such as Binance, proving how eager investors are to bet on the rise in corporate value even if they do not actually own shares.

This incident clearly revealed the structural limitations that domestic securities firms may experience when participating in large-scale global IPOs. The efforts of Mirae Asset, which participated as an underwriter on par with over 20 global investment banks (IBs), should be highly commended, but the time difference problem that arises in the process of combining U.S. local laws and the domestic depository system still remains an issue that needs to be resolved. In particular, even though this subscription was targeted at professional investors, the fact that market interest was so high that it was sold out on a large scale proves how great domestic investors' thirst for overseas blue-chip stocks is. This case leaves us with a lesson that it is essential to establish a more sophisticated system and clearly notify risks when participating in similar global IPOs in the future.