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SK Hynix US Share Offering Reportedly Seven Times Oversubscribed
Summary
Demand for the South Korean chipmaker SK Hynix's U.S. share sale has reportedly exceeded the number of available shares by more than seven times. The company is aiming to raise approximately $28 billion in the offering.
The U.S. share offering for South Korean semiconductor firm SK Hynix has seen demand that is more than seven times the number of available shares, according to a person familiar with the matter. The company is seeking to raise 43 trillion won (about $28 billion) in what is considered one of the world's largest new share sales.
The source of the information declined to be identified as the details of the share sale remain confidential. When asked for a statement, SK Hynix declined to comment on the matter. The high level of oversubscription was also reported earlier by Bloomberg.
A separate source had previously indicated that the sale had been oversubscribed multiple times. Underwriters have reportedly informed investors that pricing guidance is anticipated after the South Korean stock market closes on Thursday, with share allocations to be finalized later that day in the U.S.