An official from NH Investment & Securities explained that “the number of people who want to open multiple accounts or create family accounts to receive public offerings has increased significantly.”
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At least 1 week can be secured per new account
To apply for a public offering, you must first create an account with the subscription organizer. In general, the principle of subscription is one subscription for one account. However, starting this year, the situation has changed a little as the system for distributing public offering stocks has changed from a proportional method to a’equal 50% + proportional 50%’ method.
If we applied the proportional method, it was advantageous to receive one more share of public offerings by putting a bunch of money into one account. On the other hand, in the equalization method, half of the public offering shares allocated to individual investors are equally distributed to the subscribers. If the general competition rate is 1000:1, even if you subscribe only for 10 shares, which is the minimum unit of subscription, you can receive shares the same as those who have subscribed for 1,000 shares.
In the public offering subscription in which the proportional method was applied, the subscription margin was 100 million won and received 2 weeks. Now, it is possible to secure more than one share of public offering stock even if you put in the subscription margin of less than 1 million won.
SK Bioscience’s desired offering price range is 49,000~65,000 won per share. If the public offering price is decided at the highest, 65,000 won, it seems that 325,000 won will have to be put as the subscription margin for at least 10 weeks of subscription. For this reason, when the subscription margin is small, it is advantageous to subscribe to multiple accounts in a minimum unit rather than putting a bunch of money in one place.
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Initially, the financial authorities tried to limit multiple subscriptions through multiple officers. However, there is no way to check duplicate subscriptions as the system between securities companies is not yet connected. For this reason, multiple subscriptions using accounts for each organizer are becoming a trick among individual investors, not a trick. Considering that even if the highest competition rate comes out, you can receive at least one week if you participate in the subscription. It seems that only 3 locations will be able to secure at least 3 shares of stock by subscribing to individual accounts in a minimum unit.
Open the opportunity to create multiple accounts for each brokerage company
The representative organizers of SK Bioscience IPOs are (8,491500 shares), and the co-organizers are Korea Investment & Securities (5278,000 shares) and Mirae Asset Daewoo Securities (5049,000 shares). In addition, (1836,000 shares), (1,475,500 shares), and Hana Financial Investment (1,475,500 shares) are participating as the acquisition team. This means that individual investors can subscribe individually from 6 securities companies.
However, it is not easy to open a new account as the subscription period for SK Bioscience is approaching a week in the future. This is because the conditions for issuing new accounts have been strengthened from 2015, and only one new account can be opened every 20 business days or a month. If you recently created a new account, it means that it will be difficult for the next month to create an additional new account at another brokerage company.
As the timing of public offerings is imminent and the number of people who can’t make an account even if they want to open an account has recently increased dramatically, each brokerage company has come up with alternatives.
Some branches of NH Investment & Securities create limited new accounts if additional documents are available, even if they have a history of opening multiple accounts for a short period of time. An official at the NH Investment & Securities counter explained, “This is not possible in principle, but there are many customer complaints, so we have received a confirmation of opening an account from other companies and transaction details, and we are proceeding to open additional accounts on a limited basis under subjective judgment.”
Mirae Asset Daewoo, the co-organizer, opens a new account regardless of whether a new account was created by another company within one month. Furthermore, we are discussing a plan to open a non-face-to-face family account. An official at Mirae Asset pointed out, “Recently, in the case of opening a family account such as minors, the number of cases of visiting the venue has increased significantly because it is not possible to open a family account in person.”
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SK Securities, which participates as an underwriting group, also temporarily relaxed regulations as inquiries to open new accounts increased exponentially. An official from SK Securities said, “From February 25th (even if a new account was opened in another location within a month, the rules were released so that the company can open a new account without face-to-face). However, it is only possible until 3 p.m. on March 10th (the end date of the SK Bioscience subscription).”
Samsung Securities explained, “If the purpose is different from general financial transactions, such as securities trading or IPO, etc. at the sign-up stage, it is possible to open a new account in our company even if other companies have created a new account in a short period of time.”
For 50% proportional allocation, preferential measures for each securities company should be used.
If you want to win with a single account, the method is to use preferential treatments for each brokerage company.
According to the’Equal 50% + 50% proportional’ method, half is distributed equally to the subscription participants, and the other half is additionally given depending on the portion of the subscription margin. At this time, each brokerage company has set up customer preferences to vary the maximum subscription limit. The higher the maximum subscription limit, the more you can put in the subscription margin, so it is more advantageous to receive one more week.
The maximum subscription limit for general subscribers of NH Investment & Securities is 84,000 to 100,000 shares (for new subscribers, etc. within the 3 months immediately prior to subscription), but if you open an account just before the subscription commencement date, you can only subscribe to 42,000 to 50,000 shares, which is only half. If you subscribe to an accumulation fund and have more than a certain amount of payments more than 3 times, you can subscribe for up to 210,000 to 250,000 shares (2.5 times).
Korea Investment & Securities can only subscribe 21,000-26,000 shares, 50% of the subscription limit, to online-only customers. For general customers (average balance of 30 million won or more in the previous three months, etc.), 100% of 42,000 to 52,000 shares, and for preferential customers (retirement pension subscribers or three-month average balance of 50 million won or more), 200% of 80,000 The subscription limit is 4000~104,000 shares, and 126,000~156,000 shares, which is 300% of the most preferential customers.
Samsung Securities applies similar standards. Among customers who have opened an account by the day before the subscription, the subscription limit is reduced to half of that of regular customers (14,000 to 17,000 shares) for customers who use online (HTS) to subscribe. However, if you create a new account in February and put it in an account of 20 million won or more, the preferential subscription limit of 200% will be applied and it will increase to 28,000-34,000 shares. In addition, even if you have subscribed to a pension product or meet the requirements such as payroll transfer, you will be given preferential treatment.
Hana Financial Investment has set a subscription limit of 14,000 to 17,000 shares for general customers (green, family level). However, in the case of preferential customers (Hana VIP, VIP, Hana Family), the subscription limit is increased to twice that of general (28,000-34,000 shares). Mirae Asset Daewoo provides 200% for online media subscribers and 200% for fixed-line phone calls. B. For subscribers visiting branches, 100% is set as the subscription limit.
An official from the investment industry said, “When applying equal and proportional distribution, it is the most advantageous structure to subscribe to the securities company that secures the most amount of subscription.” Setting up an account will be the way to go.”