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Market Chatter: SK Hynix Nasdaq IPO Oversubscribed More Than Seven Times; Shares Up 5%

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SK Hynix's (KRX:000660) $28 billion Nasdaq IPO is said to be more than seven times oversubscribed, according to a Reuters report on Thursday citing people familiar with the matter.

The chipmaker began offering about 177.9 million American depositary receipts (ADR) priced at $158.14 per ADR, according to a prospectus filed Monday.

Each ADR represents one-tenth of a common share, according to the report.

SK Hynix declined to comment on the matter when contacted by.

According to the Reuters report, underwriters have informed investors that pricing guidance is expected after the South Korean market closes on Thursday, with share allocations to be finalized later in the US trading day.

The company's shares were up nearly 5% in recent trade on the South Korean stock exchange.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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