The South Korea Financial Services Commission reported that sales of the second Public Participation Growth Fund reached KRW 299.64 billion during its first three days, equal to 49.94% of the KRW 600 billion target. It also adjusted distribution allocations after online subscriptions accounted for 73.3% of bank demand and 74.4% of securities firm demand. Effective Oct. 6, banks may sell 60% of their allocations online, up from 40%, while securities firms may raise their online share to as much as 80% at their discretion, from 60%. The change precedes the removal of online and offline sales limits on Oct. 8. The 50% priority allocation for lower-income investors remains in place through Oct. 7.
South Korea Financial Services Commission raises online allocations as second Public Participation Growth Fund sales reach KRW 299.64 billion
The South Korea Financial Services Commission reported that three-day sales of the second Public Participation Growth Fund reached KRW 299.64 billion, or 49.94% of its KRW 600 billion target. Effective Oct. 6, banks may raise online allocations from 40% to 60%, while securities firms may increase them from 60% to as much as 80%. The 50% lower-income investor allocation remains through Oct. 7.