Who gets IPO shares, and how many?

Under Korea Financial Investment Association regulations, at least 25% of the offered shares are allocated to retail subscribers, and in KOSPI market IPOs 20% is allocated to the employee stock ownership association (up to 20% may be allocated for KOSDAQ and KONEX).

At least 5% (at least 10% for KOSDAQ) is allocated to high-risk high-yield investment trusts that commit to holding the shares for 15 days or more, and in KOSDAQ IPOs at least 30% is allocated to venture company investment trusts (KOSDAQ venture funds); the remainder is allocated to institutional investors. Allocation rules change frequently as the regulations are amended, so check the securities registration statement for the offering concerned.