What happens to the priority allocation if demand from KOSDAQ venture funds is insufficient?

Korea Financial Investment Association regulations provide that if valid book-building bids from venture company investment trusts are insufficient to fill the mandatory allocation, the mandatory allocation is deemed to have been made.

Valid bids here are those that do not exceed the bidder's capacity to pay for the shares and were submitted at or above the offer price. Also, if subscriptions from one investor group fall short of its allocation ratio, the remaining shares may be allocated to other groups.