In a letter addressed to clients, co-CEOs Kim Mi-seob and Heo Sun-ho confirmed that despite their status as an underwriter, the U.S. lead underwriter ultimately denied them a share allocation. The firm had previously collected $500 million in deposits from investors during a private placement that sold out in minutes. Mirae Asset stated that it is currently investigating the specific circumstances behind the exclusion, while expressing deep disappointment over the outcome.

The failure has drawn attention from South Korea’s Financial Supervisory Service, which is now investigating whether the brokerage provided sufficient warnings regarding the risks of an allocation shortfall. Beyond the loss of expected shares, local investors have been left to absorb currency exchange fees and the impact of recent market fluctuations. While the identity of the lead underwriter remains undisclosed, major financial institutions involved in the IPO, including Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan Chase, have yet to comment on the matter.