SK hynix said demand for its planned Nasdaq American depositary receipt (ADR) sale exceeded shares on offer by more than seven times, according to a person familiar with the deal. The company is raising funds for new factories and equipment to meet demand for AI chips.

SK hynix plans to set the final offer price on July 9, with trading due to begin on July 10.

The company has said the offer will include 17.79 million new shares worth 45.5 trillion won ($29.65 billion).

A July 6 filing said 10 ADRs will represent one common share. SK hynix also said Baillie Gifford Overseas, Coatue Management and other investors indicated interest in buying up to a combined $7 billion of the ADRs.

Analysts said the US listing may not materially lift SK Hynix’s Seoul-listed shares because of the Korea discount, which refers to lower valuations on South Korean stocks tied to corporate governance concerns.

🔗 Source: Reuters

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