Mirae Asset Securities is increasingly asserting its presence in the advanced technology IPO market, which has traditionally been dominated by Samsung Securities. Several promising AI companies that had previously partnered with Samsung Securities are now switching to Mirae Asset Securities or opting for joint underwriting arrangements, indicating a shift in the market landscape.
According to investment banking sources on June 9, there has been a notable trend among domestic AI tech companies to change their lead underwriter from Samsung Securities to Mirae Asset Securities. Recently, Superb AI, a company specializing in vision AI, appointed Mirae Asset Securities as its sole underwriter as it began the listing process on the KOSDAQ.
Superb AI had initially selected Samsung Securities as its lead underwriter in the first half of 2024 but decided to switch to Mirae Asset Securities. The company is currently preparing for a preliminary listing review, aiming to submit its application within the year using the technology exception listing method.
Another example is MakinaRax, an industrial AI solutions provider that successfully listed on the stock market after changing its underwriter to Mirae Asset Securities. Initially, MakinaRax had chosen Samsung Securities but faced setbacks during the preliminary review. After switching to Mirae Asset Securities, the firm successfully navigated the listing process, with Mirae Asset highlighting the company's growth potential in its equity story.
Mirae Asset Securities has also facilitated the listing of Nota, an AI technology company, on the stock market. Following Upstage and Furiosa AI, Superb AI is now among the major AI firms whose IPOs are being managed predominantly by Mirae Asset, solidifying its dominance in the AI IPO market.
This success is attributed to Mirae Asset's extensive capital investment leveraging its affiliate infrastructure. For instance, while Mirae Asset Securities was not included in the final underwriting group for Rebellion, a leading AI semiconductor unicorn, Mirae Asset Ventures has made multiple investments, positioning itself as a major institutional shareholder.
A representative from Mirae Asset Securities stated, "Our differentiated one-stop financial capabilities and platform, from early-stage equity investments to issuance loans, pre-IPO, and final IPO underwriting, are our competitive advantages."
In contrast, Samsung Securities maintains a strong foothold in the biotechnology sector, successfully completing significant technology exception deals, including the preliminary listing review for Ingenia, a major biotech firm, this year, following successful listings for Algenomics and Theraview last year. Its ability to identify and list promising companies continues to be highly regarded in the industry.
However, after failing a technology evaluation, Adel, a developer of Alzheimer's treatments that had been exclusively underwritten by Samsung Securities, has now added Mirae Asset Securities as a joint underwriter for its re-evaluation efforts. This marks a shift as Mirae Asset Securities enters into deals that were previously led by Samsung Securities.
Samsung Securities commented on the changes in underwriters for some AI companies, stating, "There are cases where issuers change underwriters based on their circumstances during the deal process. We have successfully managed numerous AI-related IPOs last year and this year and still have a robust pipeline."
The firm expressed confidence in maintaining its performance, noting, "Currently, we are ranked among the top in the league table for deals in the first half of the year. Last year, we ranked second in KOSDAQ underwriting and fourth overall, and we are committed to improving our rankings further based on significant achievements expected in the second half of this year."
A capital market analyst remarked, "While Samsung Securities has established a solid defense in the biotech sector with impressive results, the recent trend in the AI sector, highlighted by the MakinaRax case, indicates a shift in leadership toward Mirae Asset Securities. The competition for underwriting in the technology exception IPO market is expected to intensify between the two firms in the second half of the year."
* This article has been translated by AI.
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