SK Hynix’s planned US listing drew demand more than 7 times supply
What’s next: The chipmaker is set to price the deal Thursday, in a sale that could raise about $24.5 billion to $28 billion.
SK Hynix’s planned US share sale drew orders worth more than seven times the stock on offer as the South Korean memory-chip maker moved toward pricing on Thursday. The company is selling 177.9 million American depositary receipts, with each ADR equal to one-tenth of a common share. Based on SK Hynix’s Wednesday close in Seoul, the deal would raise about $24.5 billion, though Reuters reported a target of 43 trillion won, or about $28 billion. At that size, it would rank among the biggest US debuts by a foreign company, trailing only Alibaba Group’s $25 billion listing. The ADRs are expected to begin when-issued trading Friday on Nasdaq under SKHYV before switching to SKHY on July 13.