The offering drew interest from global long-term institutional investors, technology-focused funds, sovereign wealth funds and Asia-focused investment firms, according to the report. Orders totaled about $171.5 billion, based on subscription demand.
The company is expected to raise about $24.5 billion if the offering is priced based on SK hynix's Thursday closing share price, down from earlier estimates of around $29 billion following a decline in the chipmaker's stock. At that level, the deal would rank as the second-largest U.S. listing by a foreign company after Alibaba's $25 billion initial public offering.
SK hynix shares were up 7.23 percent at 2.226 million won as of 9:42 a.m. Seoul time on Thursday as investors reacted to reports of strong demand for the company's ADR offering.
Bookrunners closed the order book at 4 p.m. New York time on Tuesday, with the final offering price expected to be determined later on Wednesday.
SK hynix shares have fallen about 30.5 percent since reaching a record high of 2.987 million won on June 25, reflecting broader concerns over the semiconductor sector. Rival Micron Technology has also retreated during the same period.
Bloomberg previously reported that investors including Baillie Gifford, Coatue Management and Situational Awareness Partners had indicated interest in purchasing up to $7 billion worth of the ADRs. The transaction is being led by Bank of America, Citigroup, Goldman Sachs and JPMorgan, with nine additional securities firms participating.
The ADRs are scheduled to begin trading on the Nasdaq Global Select Market under the ticker SKHYV on July 10 before transitioning to regular settlement trading on July 13.
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