Insider: SK Hynix to end the $28 billion ADR bookbuilding on Wednesday due to oversubscription

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According to Jinse Finance, on July 8, a person familiar with the matter said that SK Hynix (000660.KS) will close the bookbuilding for its $28 billion American Depositary Receipts (ADRs) on Wednesday U.S. time, as subscription orders have been oversubscribed several times. The person said that the Korean chipmaker's issuance is one of the largest new stock offerings globally, and its underwriters have informed investors that bookbuilding will close at 4 p.m. Eastern Time, with pricing guidance to be announced after the close of the Korean stock market on Thursday, and allocation results to be finalized later on Thursday U.S. time. SK Hynix previously stated in a filing that it will determine the final price of the ADR issuance on Thursday and begin trading on Nasdaq on July 10. The source said that U.S. investors have submitted large orders, with a minimum order size of around $200 million, and some larger orders even exceeding $1 billion.
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