Business & Finance
Extreme SK Hynix Stock Swings Add Wild Card to $28 Billion Deal
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Extreme SK Hynix Stock Swings Add Wild Card to $28 Billion Deal SK Hynix Inc.’s New York listing, currently on track to be the largest ever by a foreign company in the US, is facing an unusual source of uncertainty for a major offering: the wildest swings seen in global chip stocks in years. The memory chipmaker is taking investor orders for a deal that in late June was initially expected to fetch about $29 billion. But a renewed selloff in technology stocks has sent SK Hynix shares in South...
Extreme SK Hynix Stock Swings Add Wild Card to $28 Billion Deal
SK Hynix Inc.’s New York listing, currently on track to be the largest ever by a foreign company in the US, is facing an unusual source of uncertainty for a major offering: the wildest swings seen in global chip stocks in years.
The memory chipmaker is taking investor orders for a deal that in late June was initially expected to fetch about $29 billion. But a renewed selloff in technology stocks has sent SK Hynix shares in South Korea tumbling, leaving the placeholder offering size smaller. The stock in Seoul is down 17% this month, including about 9% from the July 3 close that was indicated as reference in its latest filing with the US Securities and Exchange Commission.