Korean Asset Managers Avoid Anthropic IPO Pre-Listing Allocations

Korean asset managers and brokerages are adopting a cautious approach to the upcoming initial public offering of AI firm Anthropic, opting to purchase shares on the open market instead of seeking pre-listing allocations. This strategic shift is a direct response to a June incident involving the SpaceX IPO, where Mirae Asset Securities received zero shares from lead underwriter Goldman Sachs despite its participation. The failure left Korean subscribers without access to the listing, triggering investor complaints and a formal investigation by the Financial Supervisory Service.

Because of the SpaceX precedent, Korean firms now view pre-listing attempts as carrying substantial execution risk. The situation has prompted a regulatory response to protect investors from misleading promises regarding IPO access. The Financial Supervisory Service and the Korea Financial Investment Association are currently overhauling advertising guidelines for investment products. These revised rules, intended to prevent firms from making unsubstantiated claims about their ability to secure shares, are expected to be finalized by 2027.