SK hynix [Reuters=Yonhap News]

SK hynix, which is set to list its American Depositary Receipts (ADR) on the 10th (local time), has proposed an offering price of $149 per share, Bloomberg News reported on the 9th, citing multiple sources.

The $149 price is approximately 3.1% higher than the closing price of SK hynix common stock in the Korean stock market today (218,600 KRW, or roughly $144.50), when converted to an ADR basis.

According to filings with the U.S. Securities and Exchange Commission (SEC), one ADR represents one-tenth of one share of SK hynix common stock.

However, the sources noted that the offering terms have not yet been finalized and remain subject to change.

If the offering price is set at $149, the total amount raised would reach approximately $26.5 billion (about 40 trillion KRW). This would surpass Alibaba’s $25 billion initial public offering (IPO), marking the largest U.S. stock market listing for a foreign company in history.

The previous day, Bloomberg reported that demand for SK hynix’s ADRs had exceeded the offering size by more than seven times during the book-building process.

Bloomberg reported that there was significant demand from global long-term investment funds, technology-focused funds, sovereign wealth funds, and global investors specializing in Asia.

Baillie Gifford, Coatue Management, and Situational Awareness are reportedly among those that have expressed interest in investing up to $7 billion.