Why must a KOSDAQ venture fund make a 15-day lock-up commitment to receive priority allocation?

In January 2025, the financial authorities responded to criticism that more policy funds were selling separately allocated IPO shares on the listing day just for short-term gains, and decided to grant the separate allocation only to shares covered by a lock-up commitment (15 days or longer).

Shares without a commitment participate and are allocated in the same way as for ordinary funds. During the lock-up period the allocated shares cannot be sold, so the fund bears the full share price swings right after listing.