Stocks
Korean IPO Public Offering Has 'Equal Allocation' — Difference from Japanese Lottery System 韓国のIPO公募株は「均等配分」がある — 日本の抽選との違い
Korean stock IPOs have a system that clearly differs from Japan's book-building process: equal allocation (균등배정). If Japanese retail investors aren't aware of this when looking at Korean IPOs, they won't be able to understand the meaning of the allocation results.
In Japan, the personal allocation of public offering shares is primarily by lottery. You either win or lose; if you lose, you don't get a single share. Even if you deposit a large amount of funds for application, many securities firms are designed so that the probability of winning doesn't increase.
Korea has a two-tiered system.
The first tier is equal allocation. A certain percentage or more of the allocation quantity for general investors is divided equally among all applicants who have deposited at least the minimum application deposit. In other words, even if you apply with just the minimum amount, it's designed to be unlikely to result in zero shares. This system was introduced with the aim of ensuring shares reach even small-lot investors.
The second tier is proportional allocation. The remaining quantity is allocated in proportion to the amount applied. Those who invest larger sums receive more.
This two-tiered system results in three practical consequences:
First, the per-person quantity in equal allocation decreases for popular stocks. As the number of applicants increases, the same quantity is divided among more people. This is why in highly anticipated IPOs, the result can be one or two shares per person; it doesn't mean they lost the lottery.
Second, applying with the minimum amount is rational. While it might seem partial by Japanese standards, if you're only aiming for the equal allocation portion, the minimum amount is sufficient. Whether to also aim for proportional allocation is a separate decision.
Third, duplicate applications to multiple securities firms are restricted. In the past, a strategy of applying for the same stock from multiple companies was used, but this is now restricted. You need to check which securities firm is the lead underwriter and choose one.
Regarding whether foreign residents can apply for Korean IPOs, the handling differs depending on the securities firm used and the type of account. The system itself and whether you can actually participate from Japan are separate issues, so please check with your brokerage firm.
One point about price movement after listing: In Korea, the price range on the first day of a new listing differs from regular stocks, and significant movements can occur on the first day. Even if you acquire shares at the public offering price, where the initial price settles is another matter. As regulations can change, it's safest to proceed after checking the most recent rules.韓国株のIPOには、日本のブックビルディングと明確に違う仕組みがあります。均等配分（균등배정）です。日本の個人投資家が韓国のIPOを見るとき、ここを知らないと配分結果の意味が読めません。
日本では公募株の個人配分は抽選が中心です。当たるか外れるかで、外れれば1株も入りません。申込資金を多く入れても、多くの証券会社では当選確率が上がらない設計になっています。
韓国は二階建てです。
一階が均等配分です。一般投資家向けの配分数量のうち一定割合以上を、最低申込証拠金以上を入れた申込者全員に均等に分けます。つまり最低金額だけ申し込んでも、まったくのゼロにはなりにくい設計です。少額の投資家にも行き渡らせることを狙って導入された仕組みです。
二階が比例配分です。残りの数量を、申し込んだ金額に比例して配分します。大きな資金を入れた人ほど多く受け取ります。
この二階建てが生む実務上の帰結が三つあります。
一つ目は、人気銘柄ほど均等配分の一人あたり数量が減ることです。申込者が増えれば同じ数量をより多くの人で割るためです。話題のIPOで一人1株や2株という結果になるのはこのためで、外れたわけではありません。
二つ目は、最低金額での申込に合理性があることです。日本の感覚では中途半端に見えますが、均等配分の枠だけを狙うなら最低額で足ります。比例配分まで取りにいくかどうかは別の判断になります。
三つ目は、複数の証券会社への重複申込が制限されていることです。かつては同一銘柄を複数社から申し込む戦略が使われましたが、現在は制限されています。どの証券会社が引受幹事かを確認して、一社を選ぶ必要があります。
なお外国人居住者が韓国のIPOに申し込めるかどうかは、利用する証券会社と口座の種類によって扱いが異なります。制度そのものと、日本から実際に参加できるかは別の問題なので、取引先の証券会社に確認してください。
上場後の値動きについても一点。韓国では新規上場初日の値幅の扱いが通常銘柄と異なり、初日に大きく動くことがあります。公募価格で取得できたとしても、初値がどこにつくかは別の話です。制度は変更されることがあるため、直近のルールを確認してから臨むのが安全です。
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