SK Hynix to close $28 billion ADR bookbuild on Wednesday …

SK Hynix is set to conclude its $28 billion American Depositary Receipts (ADRs) bookbuilding process on July 8, having received oversubscriptions multiple times. Orders from U.S. investors included substantial bids, some exceeding $1 billion, and significant interest has been shown by investment firms for a total of $7 billion. The pricing of the ADRs will be determined after the close of the South Korean market on July 9, with trading expected to begin on July 10 on Nasdaq. This offering is poised to be one of the world's largest share sales, second only to SpaceX's $85.7 billion IPO last month.

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SINGAPORE, July 8 (Reuters) - SK Hynix (000660.KS), opens new tab 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, one of the world's largest new share sales ever, 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 finalised later Thursday U.S. time, the source said.

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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.

SK Hynix declined to comment.

It said on Monday that Baillie Gifford Overseas Limited, investment funds managed by Coatue Management and Situational Awareness Partners have each separately indicated interest in purchasing up to a combined $7 billion of its U.S. ADRs.

South Korean President Lee Jae Myung attends a public briefing on the development vision for advanced industry in South Korea's southwestern region, in Gwangju

The logo of SK Hynix at a SK Hynix booth before a public briefing on the development vision for advanced industry in South Korea's southwestern region, in Gwangju, South Korea, June 30, 2026. REUTERS/Kim Hong-Ji/File Photo Purchase Licensing Rights, opens new tab

IFR first reported on Tuesday SK Hynix's ADR offering was multiple times covered.

The buoyant response from investors reflects ‌strong ⁠demand still for a piece of one of the world's largest chipmakers, even as global tech stocks dived amid renewed conflict in the Middle East.

SK Hynix shares lost as much as 3.59% on Wednesday.

The company launched the ADR sale on Monday, offering 17.79 million new shares, making it one of ⁠the world's most valuable tech firms.

The deal is expected to be the second-biggest share sale after a record $85.7 billion initial public offering by SpaceX (SPCX.O), opens new tab last month, surpassing Saudi Aramco's (2222.SE), opens new tab $25.6 billion IPO in 2019 and ⁠Alibaba's similar-sized offering in 2014.

SK Hynix is a key supplier of high-bandwidth memory chips used in AI systems by customers such as Nvidia (NVDA.O), opens new tab and Alphabet Inc's (GOOGL.O), opens new tab Google.

Ten ADRs will represent ⁠one common share and a Monday filing gave a reference price of 242,500 won per ADR, based on SK Hynix's July 3 closing price in Seoul.

Reporting by Kane Wu in Singapore; Additional reporting by Hyun Joo Jin in Seoul; Editing by Muralikumar Anantharaman

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Kane Wu

Thomson Reuters

Kane Wu covers M&A, private equity, venture capital and investment banks in Asia. She tracks the region's most high-profile deals, fundraisings as well as investment trends amidst geopolitical, macroeconomic and regulatory changes. She was nominated for a SOPA Excellence in Business Reporting award for coverage of China regulatory crackdown in 2021. Prior to Reuters, she worked at the Wall Street Journal and also wrote about Asia's loan market for Thomson Reuters Basis Point. She is based in Hong Kong.

SK Hynix to close $28 billion ADR bookbuild on Wednesday after oversubscription, source says

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