SK Hynix will close bookbuilding for its $28 billion offering of American depositary receipts (ADRs) on Wednesday U.S. time, as orders have already covered its books multiple times, said a source with knowledge of the matter.
Underwriters of the South Korean chipmaker’s offering told investors books would close at 4 p.m., U.S. Eastern Time, and pricing guidance would come after the Thursday close of the South Korean market, with allocations finalized later Thursday U.S. time.
SK Hynix had said in filings it would set the final price of the ADR offering on Thursday and start trading on the Nasdaq on July 10.
U.S.-based investors came in with chunky orders starting in the range of $200 million, the source said, adding larger orders exceeded $1 billion.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
