SK Hynix will close bookbuilding for its $28 billion offering of American depositary receipts (ADRs) on Wednesday U.S. time, as orders have already covered its ​books multiple times, said a source with knowledge of the matter.

Underwriters of ‌the South Korean chipmaker's offering, one of the world's largest new share sales ever, told investors books would close at 4 p.m., U.S. Eastern Time, and pricing guidance would come after the Thursday ​close of the South Korean market, with allocations finalised later Thursday U.S. time, ​the source said.

SK Hynix had said in filings it would set the ⁠final price of the ADR offering on Thursday and start trading on the Nasdaq ​on July 10.

U.S.-based investors came in with chunky orders starting in the range of $200 ​million, the source said, adding larger orders exceeded $1 billion.

SK Hynix declined to comment.

It said on Monday that Baillie Gifford Overseas Limited, investment funds managed by Coatue Management and Situational Awareness Partners have each ​separately indicated interest in purchasing up to a combined $7 billion of its U.S. ADRs.

The buoyant response from investors reflects ‌strong ⁠demand still for a piece of one of the world's largest chipmakers, even as global tech stocks dived amid renewed conflict in the Middle East.

SK Hynix shares lost as much as 3.59% on Wednesday.

The company launched the ADR sale on Monday, offering 17.79 ​million new shares, making ​it one of ⁠the world's most valuable tech firms.

The deal is expected to be the second-biggest share sale after a record $85.7 billion initial public offering ​by SpaceX last month, surpassing Saudi Aramco's $25.6 billion IPO in ​2019 and ⁠Alibaba's similar-sized offering in 2014.

SK Hynix is a key supplier of high-bandwidth memory chips used in AI systems by customers such as Nvidia and Alphabet Inc's Google.

Ten ADRs will represent ⁠one common ​share and a Monday filing gave a reference ​price of 242,500 won per ADR, based on SK Hynix's July 3 closing price in Seoul. (Reuters, 2026-07-08)