Source: Insiders: SK Hynix will close its $28 billion ADR book building on Wednesday due to oversubscription.

A source familiar with the matter said that SK Hynix (000660.KS) will end the book-building process for its $28 billion American depositary receipt on Wednesday in US time, as subscription orders have been oversubscribed several times over. The source said that this South Korean chip maker's issuance is one of the largest new stock offerings in global history, and its underwriters have informed investors that the book-building will end at 4 p.m. Eastern time on Thursday, pricing guidance will be announced after the close of the South Korean stock market on Thursday, and allocation results will be finalized later on Thursday night in US time. SK Hynix previously stated in its filings that the final price of the American depositary receipt issue will be determined on Thursday, and trading will start on NASDAQ on July 10th. The source said that US investors have submitted large orders with a minimum of around $200 million, and some larger orders even exceed $1 billion.