News: Driven by oversubscription, SK Hynix will end its $28 billion ADR bookbuilding on Wednesday

According to Reuters, informed sources revealed that due to the subscription scale reaching several times, South Korean chip manufacturer SK Hynix will end its $28 billion American Depositary Receipt (ADR) issuance book-building at 4 PM Eastern Time on Wednesday. It is reported that the final pricing guidance for this issuance will be announced after the close of the Korean stock market on Thursday, and the allocation results will be finalized later on Thursday evening, with plans to officially list on Nasdaq on July 10.

The report pointed out that this issuance has attracted strong demand from American investors, with several large orders ranging from $200 million to over $1 billion. The company previously disclosed that institutions such as Baillie Gifford and Coatue Management have expressed interest in purchasing a total of up to $7 billion in ADRs. This transaction is expected to issue 17.79 million new shares, making it the second largest stock issuance in history globally, following SpaceX's record $85.7 billion IPO last month, surpassing the previous records of Saudi Aramco (2019) and Alibaba (2014). As a core supplier of high bandwidth memory (HBM) for companies like Nvidia and Google, SK Hynix stipulates that every 10 ADRs represent 1 share of common stock, with a reference price of 242,500 Korean won per ADR based on the Seoul closing price on July 3.