SK Hynix's US IPO receives seven times oversubscription, aiming for the second highest fundraising amount in history.

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SK Hynix's listing plan in the US has received a strong market response. Even though its stock price has been under pressure recently, institutional investors remain highly enthusiastic.

On July 8, according to Bloomberg citing insiders, the subscription multiple for SK Hynix's American Depositary Receipts (ADR) issued in the US has surpassed seven times.

Subscription demand comes from various types of institutions, including global long-term funds, technology sector-specific funds, sovereign wealth funds, and Asia-themed global investors. Baillie Gifford, Coatue Management, and Situational Awareness Partners have expressed a combined subscription intention totaling up to $7 billion.

This issuance is estimated to be around $24.5 billion, and according to Bloomberg data, it will become the second largest transaction in history for a foreign company listing in the US, second only to Alibaba's $25 billion record set in 2014.

Although SK Hynix's Korean stock price has recently fallen sharply amid a cooling investment craze in AI infrastructure, SK Hynix dropped 5.7% in the Korean market on Wednesday, a cumulative decline of about 30% from the historical closing high reached in late June.

Issuance Details: Large Scale, Powerful Brokerage Lineup

This issuance involves 177.9 million ADRs, with each ADR representing one-tenth of an ordinary share. Based on Wednesday's Korean market closing price of 2.076 million won (about $1,380), the total fundraising amount is estimated to reach $24.5 billion.

The lead underwriters are Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, joined by nine other institutions.

Underwriting banks plan to close order acceptance at 4 p.m. on Wednesday and price the issuance on Thursday. The ADRs are expected to begin pre-issuance trading on the Nasdaq Global Select Market under the code "SKHYV" on Friday, and after official regular trading starts on July 13, the code will change to "SKHY".

In addition to capital market actions, SK Hynix’s strategic layout is also noteworthy.

Wallstreetcn mentions that as part of an industry revitalization plan led by the Korean government totaling about $880 billion, both SK Hynix and long-time competitor Samsung Electronics are prepared to increase investment in Korea to help the country establish a leading position in the field of artificial intelligence.

The funds raised in this US listing are expected to provide substantial support for SK Hynix’s participation in the national strategy and the continued expansion of core products such as high-bandwidth memory.

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