SK Hynix Cuts ADR Issuance Size to $31.3 Billion From $33 Billion on Lower Share Price

SK Hynix revised the size of its American depositary receipt issuance to about $31.3 billion from about $33.0 billion ahead of its planned Nasdaq listing on July 10.

In an amended filing on July 6, the company changed the total DR issuance amount to about 43.14 trillion won from about 45.45 trillion won. The revision was based on SK Hynix's July 3 closing price of 2.425 million won per common share, the day before the amended filing was submitted.

The earlier DR issuance filing had used the June 23 closing price of 2.555 million won per share. The final amount will be set after bookbuilding determines the total ADR offering size.

SK Hynix plans to use all proceeds for investment in the first fab at the Yongin semiconductor cluster, construction, equipment and related costs for the Cheongju P&T7 advanced packaging fab, and the purchase of machinery and facility investments including extreme ultraviolet, or EUV, scanners.

The company plans to issue as many as 17.79 million new shares, equivalent to about 2.5% of its total shares outstanding, for the ADR listing. It is targeting a Nasdaq listing and trading debut on July 10. The subscription and payment date is scheduled for July 14, and the new-share DR is due to list on July 29.

Kang Kyung-ju, Hankyung.com reporter qurasoha@hankyung.com