STOCKS | SK Hynix to End ADR Bookbuilding Wednesday After Multiple Oversubscription, Sources Say

SK Hynix will end bookbuilding for its $28 billion American depositary receipt (ADR) offering on Wednesday after orders were oversubscribed by several times, sources said. According to Jin10, underwriters told investors the bookbuilding deadline is 4:00 p.m. (U.S. Eastern Time), which corresponds to 4:00 a.m. (UTC+8) the next day. The sources said pricing guidance will be released after the close of the South Korean stock market on Thursday, and allocation results will be finalized later on Thursday U.S. time. U.S. investors submitted large orders, with initial orders around $200 million and larger orders exceeding $1 billion. SK Hynix is set to determine the ADR’s final offering price on Thursday, and the ADRs will begin trading on Nasdaq on July 10.