Mirae Asset shows strengths in KOSDAQ IPO

The headquarters of Mirae Asset Financial Group located in Seoul / Courtesy of Mirae Asset

Mirae Asset continues to lead KOSDAQ IPO deals, while NH Investment takes first place in KOSPI IPOs in Q1

By Anna J. Park

Mirae Asset Securities has continued to prove its competitiveness in managing local businesses' public offering processes on the tech-heavy KOSDAQ market.

According to the investment banking industry, the brokerage unit of Mirae Asset Financial Group topped the list of KOSDAQ IPOs during the first quarter of this year, as the firm accounted for more than a third of newly-listed companies' public offerings on the market.

Mirae Asset Securities worked either as a main book runner or underwriter at eight newly listed companies during the first quarter, which is 36 percent of the 22 new IPOs on the KOSDAQ during the period. The firm grossed 284.9 billion won ($252.3 million) for the eight IPO deals, which is 37 percent of 702 billion won ― the entire amount of KOSDAQ's IPO management market during the first three months of 2021.

The firm maintained its leading position in smaller IPO deals, as it also took first place in KOSDAQ IPOs last year, managing altogether 16 public offerings on the tech-heavy market. It grossed 412.8 billion won last year from the listing deals. The brokerage firm's Q1 performance already surpassed half of last year's revenue from the KOSDAQ IPO deals.

During the first quarter, Mirae Asset Securities successfully managed Prestige Biologics and NeoImmuneTech, the two largest KOSDAQ listings in the biopharma industry. The firm also led smaller public offerings, including mobile-based advertising platform NBT, robotic system engineering company, Rainbow Robotics, AI-based enterprise resources planning (ERP) business, IQUEST, among others, with record-high competition rates at the subscription and stock allotment processes.

Korea Investment and Kiwoom Securities lag behind Mirae Asset in the KOSDAQ market's IPOs, as Korea Investment aided five IPOs on the tech-heavy stock market, garnering 72.5 billion won in the first quarter. Kiwoom Securities, the third-largest player at the category, grossed 68.8 billion won. Daishin Securities and Hana Financial Investment followed on the list.

NH Investment & Securities topped the list when it comes to IPOs on the benchmark KOSPI market, as it managed the public offering of SK Biosciences ― the vaccine-focused CDMO subsidiary of SK ― which was one of the most anticipated IPOs of this year. Samsung Securities followed on the list.