SK Hynix US share sale draws 7 times demand ahead of pricing
What's next: The chipmaker aims to raise about $28 billion, with Nasdaq trading set to start Friday before regular trading on July 13.
SK Hynix's planned US listing drew demand more than seven times the shares on offer as the South Korean memory chipmaker moved toward pricing on Thursday. The company is seeking to raise 43 trillion won, or about $28 billion, by selling 177.9 million American depositary receipts. Based on Wednesday's Seoul closing price, the deal would raise roughly $24.5 billion and rank among the biggest US debuts by a foreign company, behind Alibaba's $25 billion offering. Orders came from global long-only funds, tech-focused investors, sovereign wealth funds and Asia-focused buyers. The ADRs are due to begin when-issued trading on Nasdaq on Friday under SKHYV, switching to SKHY for regular-way trading on July 13.