SK Hynix's American Depositary Receipt (ADR) offering has reportedly attracted more than seven times the subscription demand for the available shares.
Bloomberg News reported on July 8, citing sources, that global long-term investment funds, technology-focused funds, sovereign wealth funds, and Asia-specialized global investors participated in the offering.
According to the report, the offering price is expected to be finalized on July 9. SK Hynix's filing with the U.S. Securities and Exchange Commission (SEC) indicates that one ADR represents one-tenth of a common share.
Bloomberg calculated that based on the Seoul stock market's closing price of 2,076,000 won per share on July 8, the offering could raise approximately $24.5 billion (about 37.14 trillion won). If this holds, SK Hynix's U.S. listing would be the second largest for a foreign company on the U.S. stock market, following Alibaba Group's $25 billion IPO in 2014.
However, sources noted that specific terms are still under discussion and may change.
The offering is being managed by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, with nine additional financial institutions participating. Previously, SK Hynix secured interest for up to $7 billion in ADR purchases from firms including Baillie Gifford, Coatue Management, and Situational Awareness Partners.
SK Hynix's ADRs will begin pre-trading on the Nasdaq Global Select Market under the ticker symbol 'SKHYV' on July 10, and will change to 'SKHY' when regular trading starts on July 13.
* This article has been translated by AI.
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