SpaceX IPO Draws Multiple Times Oversubscription From Institutional Investors, Sources Say

SpaceX’s initial public offering has attracted institutional investor demand several times greater than the shares available, according to people familiar with the matter. According to Odaily, the lead underwriter told investors earlier on Tuesday that demand increased further following meetings with management. The sources said subscription orders have continued to rise since Monday. Some of the people said underwriting banks indicated that institutional allocations in the offering would be concentrated mainly among large, long-only investment management firms. Foreign media reports said multiple institutional investors each placed orders for about $10 billion or more in shares.