South Korean investors bought $796 million of SpaceX on debut
What's new: The buying spree made SpaceX the top US stock among Korean retail investors and drew scrutiny of Mirae Asset's failed IPO allocation.
South Korean retail investors bought nearly $800 million of SpaceX shares on the company’s first day of trading, a burst of demand that highlighted the frenzy around Elon Musk’s newly listed company. Korea Securities Depository data showed net purchases totaled $796 million on June 12, more than the cumulative three-month net buying of any other US stock among the country’s more than 14 million individual investors. SpaceX shares have climbed 49% since listing, lifting its market value to $2.65 trillion, about $8 billion above Amazon’s. South Korea did not give retail investors direct IPO access, unlike Japan and Australia. The Financial Supervisory Service widened an inspection of Mirae Asset Securities after the brokerage failed to secure shares in the offering.