Svmuu News: According to people familiar with the matter, in SK Hynix’s $26.5 billion U.S. IPO, the number of ADRs allocated to major investors was less than initially expected because other buyers also scrambled to subscribe. Anonymous sources said that cornerstone investors Baillie Gifford, Coatue Management, and Situational Awareness Partners were collectively allocated approximately $5 billion worth of ADRs, which is $2 billion less than their highest subscription intentions during the bookbuilding period.
Sources familiar with the matter said the offering was oversubscribed by about seven times, with orders placed by more than 500 institutional investors, including long-only funds that typically do not short stocks, as well as funds focused on the technology sector and sovereign wealth funds. Ten investors snapped up 50% of the offering, while the top 25 investors accounted for two-thirds. SK Hynix’s management was deeply involved in the placement process. (Jin Shi)