SK Hynix Inc.'s $28 billion US listing is multiple times oversubscribed ahead of its pricing on Thursday, indicating robust investor appetite for the South Korean memory chipmaker. The offering has attracted significant early demand from global long-only funds and technology-focused investors, with approximately 1,000 institutional investors participating in a management marketing call. This strong demand positions SK Hynix for what could be the biggest-ever US listing by a foreign company.

The sale involves 177.9 million American depositary receipts (ADRs), representing 2.5% of the company's market value. SK Hynix's market capitalization has more than tripled this year, surpassing $1 trillion, despite global chip stock volatility. The ADR offering is scheduled to price early Thursday afternoon in New York, with trading of the ADRs on the Nasdaq Global Select Market set to commence on Friday.

Potential arbitrage restrictions, stemming from limitations on converting Seoul-listed shares into ADRs, may lead the ADRs to trade at a premium. Leading financial institutions, including Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., and JPMorgan Chase & Co., are managing the deal. Furthermore, investment firms such as Baillie Gifford, Coatue Management, and Situational Awareness Partners have expressed interest in purchasing up to $7 billion worth of ADRs, underscoring the high level of institutional conviction in the offering.