Recently, an urgent phone call came to the reporter's office. "I would like to report something." During the three-minute call, the caller identified himself as an investor in his 70s. With a deflated voice, he appealed that he was deeply frustrated after falling victim to an IPO fraud. He had deposited money to "someone" to subscribe to an IPO, but not only was he not allocated any shares, even his refund became a "message to Hamheung" (a futile request). This is a typical victim case of the recently prevalent IPO fraud. During that brief call, the only thing the reporter could say was, "You need to report it right away."

As the boom in the IPO market continues recently, the number of similar victims is expected to increase. The common concern among industry officials is that the fraud techniques are so elaborate that anyone can easily be deceived.

This year, as the upper limit for the first-day price increase in the IPO market was expanded to 400%, a new term called "ttattable" (double) emerged, referring to the stock price surging up to four times the public offering price. In fact, companies like KNS, LS Materials, and DS Danseok wrote the "ttattable" myth, further heating up the market. However, for such popular IPOs, the competition rate for equal allocation was so fierce that getting even a single share was like picking a star from the sky. In extreme cases, the competition was so intense that only 1 in 5 people barely received a single share.

Taking advantage of this situation, scammers are running rampant. Their tactic involves impersonating a company conducting an IPO and creating a fake website mimicking the official homepage. They recommend pre-subscriptions at a discounted price compared to the actual public offering price and demand personal information and deposits. It is a tragic irony that many companies preparing for a recent listing have had to post "Fraud Alert" notices on their own websites.

The Financial Supervisory Service explicitly stated in a press release, "IPO subscriptions are only conducted through the underwriters during the subscription period stated in the securities registration statement." There are absolutely no pre-subscriptions prior to the subscription date, nor are there subscriptions conducted individually by the issuer. The confirmed public offering price is disclosed through the 'Securities Registration Statement for Confirmed Issuance Conditions,' and all subscribers participate in the subscription at the same confirmed public offering price.

As the saying goes, "Good things come with many hurdles" (Hosadama), lurking behind the festive atmosphere of the IPO market is malicious fraud aiming for investors' money. It is a crime that exploits the anxious psychology of investors who wonder, "Am I the only one who won't get allocated?" There are concerns that the tactics will evolve to become even more intelligent and vicious, similar to voice phishing.

In conclusion, one must keep in mind the fact that "there are no shortcuts (royal road) to making money." IPO subscriptions are strictly possible only through normal channels, such as securities firms. It must not be forgotten that aside from "access through the lead manager," there are no shortcuts whatsoever.