
SPAC Liquidation Payout: Why 2,000 Won Is the Ceiling
When a Korean SPAC liquidates, holders get about 2,000 won per share plus modest interest. In 2025 the average first-day intraday high was 4,067 won. Here is the loss math by entry price.

When a Korean SPAC liquidates, holders get about 2,000 won per share plus modest interest. In 2025 the average first-day intraday high was 4,067 won. Here is the loss math by entry price.

Retail IPO shares in Korea split roughly half into equal allocation and half into proportional allocation. Headcount decides one, deposit size decides the other. Worked calculations at a 20,000 won offer price and 1,000-to-1 ratio.

Korea's equal allocation splits half the retail IPO tranche across every subscriber. In one case with 336,294 applications, each share of the pot came to 0.84 shares. Here is where the one-share line breaks, and what a proportional share actually costs.

IPO subscriptions split into equal and proportional allotment. Equal gives every minimum-unit subscriber the same slot; proportional rewards larger deposits. This guide covers both sets of arithmetic — including how you can end up with zero shares.