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Market Chatter: SK Hynix Set to Close Oversubscribed $28 Billion ADR Offering

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SK Hynix (KRX:000660) plans to close the bookbuilding for its $28 billion Nasdaq IPO of American depositary receipts (ADR) on Wednesday at 4 pm U.S. Eastern Time after it was oversubscribed multiple times ahead of pricing on Thursday, Reuters reported Wednesday, citing sources.

The chipmaker began offering about 177.9 million ADRs at $158.14 per ADR, according to a prospectus filed Monday.

The offering is only behind SpaceX's record $85.7 billion IPO in June, and exceeds Saudi Aramco's $25.6 billion IPO in ​2019 and ⁠Alibaba's $25 billion offering in 2014.

The chipmaker did not immediately respond to' request for a comment.

Shares of SK Hynix fell nearly 6% at market close.

(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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