SEOUL, July 10 (AJP) - SK hynix's American depositary receipts (ADRs) will be priced at $149 each when they debut on the Nasdaq on Friday, about 3 percent above Thursday's closing price of the chipmaker's common shares in Seoul, Bloomberg reported, citing people familiar with the matter.
One ADR represents one-tenth of a common share, according to SK hynix's filing with the U.S. Securities and Exchange Commission. Following the reported pricing, SK hynix shares rose 6.4 percent in after-hours trading to 2,326,000 won.
At $149 per ADR, the offering would raise about $26.5 billion, making it the largest-ever initial U.S. share sale by a foreign company, surpassing Alibaba Group's record $25 billion listing, according to Bloomberg-compiled data.
Demand was robust, with the offering of 177.9 million ADRs, representing 17.79 million common shares, more than seven times oversubscribed, Bloomberg reported earlier.
The ADRs are scheduled to begin when-issued trading on Friday on the Nasdaq Global Select Market under the ticker SKHYV before switching to SKHY when regular-way trading begins on July 13.
SK Group Chairman Chey Tae-won is expected to ring the Nasdaq opening bell on Friday, a traditional ceremony marking major market debuts.
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