Sources said in SK Hynix’s roughly $26.5 billion US listing, ADR allocations to major investors were smaller than initially expected as broader demand crowded the book. Cornerstone investors Baillie Gifford, Coatue Management and Situational Awareness Partners received about $5.0 billion of ADRs, roughly $2.0 billion less than their highest indications during bookbuilding. The deal was about seven times oversubscribed with orders from more than 500 institutional investors, including typically lo

Sources said in SK Hynix’s roughly $26.5 billion US listing, ADR allocations to major investors were smaller than initially expected as broader demand crowded the book. Cornerstone investors Baillie Gifford, Coatue Management and Situational Awareness Partners received about $5.0 billion of ADRs, roughly $2.0 billion less than their highest indications during bookbuilding. The deal was about seven times oversubscribed with orders from more than 500 institutional investors, including typically long-only funds, tech-focused funds and sovereign wealth funds; 10 investors took 50% of the offering and the top 25 accounted for two-thirds. SK Hynix management was heavily involved in the allocation process.