SK Hynix's US ADR listing was oversubscribed and will close for subscription at midnight Beijing time on the 9th.
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Sources indicate that SK Hynix will close its $28 billion ADR book-building process on Wednesday due to oversubscription.
According to Mars Finance, an insider revealed that SK Hynix will close the book-building process for its $28 billion American Depositary Receipts (ADRs) on Wednesday (US time), as subscription orders have been oversubscribed several times. The source stated that this offering by the South Korean chipmaker is one of the largest IPOs in history globally. Its underwriters have informed investors that the book-building will close at 4 p.m. Eastern Time, pricing guidance will be released after the close of the South Korean stock market on Thursday, and the allocation results will be finalized later on Thursday (US time). SK Hynix previously stated in a filing that it would determine the final price of its ADRs on Thursday and begin trading on Nasdaq on July 10. The source said that US investors submitted large orders, with minimum orders around $200 million and some exceeding $1 billion. (Cailian Press)
Dollar sell-off occurred in the USD/KRW forward market in connection with the SK Hynix ADR listing.
According to Odaily Odaily, sources say there has been a sell-off of US dollars in the USD/KRW forward market related to the SK Hynix ADR listing. (Jinshi)
SK Hynix: Plans to raise 43 trillion won through ADR listing
According to Mars Finance, on July 6, SK Hynix announced its plan to raise 43 trillion won through an ADR listing.
SK Hynix listed $29 billion worth of ADRs on Nasdaq on the 10th, setting a new record for the largest ADR listing by a foreign company.
SK Hynix is reportedly set to list approximately 44 trillion won worth of American Depositary Receipts (ADRs) on Nasdaq, challenging the record for the largest foreign company listing on the US stock market. Following its Nasdaq listing, SK Hynix will be able to trade on the regulated US market and qualify for inclusion in major indices such as the Nasdaq 100. The inflow of funds into exchange-traded funds (ETFs) tracking these indices is also highly anticipated. However, some voices have warned whether the rapid rise in the AI storage semiconductor sector is overheated. As large technology companies continue to raise funds for data center investments through the bond and stock markets, concerns about the sustainability of the storage industry's boom are growing. (Jiemian)
SK Hynix officially launches its marketing and promotion process for its US stock listing.
BlockBeats reports that on July 6th, SK Hynix officially launched its marketing and promotion process for its US stock listing, aiming to leverage the continued strong investor enthusiasm for the memory chip sector and advance its US listing. According to its filings, SK Hynix plans to offer approximately 17.79 million American Depositary Receipts (ADRs) corresponding to its ordinary shares. Based on the closing price in the Korean market last Friday, the offering size is approximately $28 billion. As a leading supplier of HBM chips, this US listing provides SK Hynix with an efficient financing channel. According to previously disclosed regulatory documents, SK Hynix expects its ADRs to officially begin trading on July 10th (this Friday). Based on the current proposed offering size, this ADR offering will rank among the top three largest IPOs in history (the exact amount depends on the exchange rate), potentially rivaling Saudi Aramco's $29.4 billion IPO in 2019.
Sources indicate that foreign exchange transactions related to SK Hynix's US listing are expected to take place around July 15th.
According to Odaily Odaily, a source familiar with the matter said that foreign exchange transactions between the US dollar and the Korean won related to the US listing of South Korean chipmaker SK Hynix are expected to take place around July 15. SK Hynix launched its US stock offering on Monday, planning to raise 43 trillion won (approximately US$28.16 billion), and has already received subscription intentions from major investors for up to US$7 billion. (Jinshi)