Key investors in SK Hynix Inc. ’s $26.5 billion US listing received fewer American depositary receipts than initially anticipated, according to people familiar with the matter, as other buyers snapped up the deal. Baillie Gifford , Coatue Management and Situational Awareness Partners were allocated about $5 billion worth of ADRs as cornerstone investors — $2 billion less than the maximum amount th...
Key investors in SK Hynix Inc. ’s $26.5 billion US listing received fewer American depositary receipts than initially anticipated, according to people familiar with the matter, as other buyers snapped up the deal. Baillie Gifford , Coatue Management and Situational Awareness Partners were allocated about $5 billion worth of ADRs as cornerstone investors — $2 billion less than the maximum amount they had indicated for during the book building, the people said, asking not to be named to discuss a private matter. The deal was about seven times covered, the people said, with more than 500 institutional investors placing orders. They included long-only investors — which generally refrain from short selling — as well as funds specializing in technology and sovereign-wealth funds, they said. Ten investors snapped up 50% of the deal, while the top 25 investors accounted for two-thirds, the people added. SK Hynix’s management was heavily involved in the allocations, they said. SK Hynix declined to comment. Representatives for Baillie Gifford didn’t immediately respond to requests for comment. Coatue and Situational Awareness didn’t immediately respond to queries sent outside US business hours. SK Hynix’s US offering gives the world’s top supplier of high-bandwidth memory a powerful fundraising channel, tapping investors looking for more ways to play the red-hot artificial-intelligence infrastructure trade. It priced the listing at a roughly 3% premium to Thursday’s closing price for the ordinary shares in Seoul.
A wildfire in southern Spain has killed at least 11 people, making it one of the country's deadliest on record, as soaring temperatures grip much of the country. (Image credit: INFOCA)
A wildfire in southern Spain has killed at least 11 people, making it one of the country's deadliest on record, as soaring temperatures grip much of the country. (Image credit: INFOCA)
Several victims of the fire in the southern province of Almeria, a popular holiday destination, were found inside burnt-out vehicles and were thought to have died while trying to flee the flames. (Image credit: INFOCA)
Several victims of the fire in the southern province of Almeria, a popular holiday destination, were found inside burnt-out vehicles and were thought to have died while trying to flee the flames. (Image credit: INFOCA)
Li Jianbo A former senior official at China’s Ministry of Transport has been placed under investigation for suspected severe disciplinary and legal violations, years after he was reprimanded and stepped down from his anti-graft posts. The Central Commission for Discipline Inspection and the National Commission of Supervision, China’s top anti-graft bodies, announced Friday that Li Jianbo, a former...
Li Jianbo A former senior official at China’s Ministry of Transport has been placed under investigation for suspected severe disciplinary and legal violations, years after he was reprimanded and stepped down from his anti-graft posts. The Central Commission for Discipline Inspection and the National Commission of Supervision, China’s top anti-graft bodies, announced Friday that Li Jianbo, a former member of the Communist Party group at the Ministry of Transport, is facing a disciplinary review and supervisory investigation.