Hynix reaches pricing

Domestic books have closed two times oversubscribed, as the $1.25 billion GDR approaches completion.
In an ironic but oddly fitting denouement to what has been a complex and controversial transaction, Hynix Semiconductor's GDR is shaping up to become the region's largest straight equity offering so far this year. Should Salomon Smith Barney be able to raise the entire $1.4375 billion including greenshoe and a strategic stake from Texas Instruments, it will just pip the $1.432 billion raised for China National Offshore Oil Corp CNOOC in February.

That a distressed company in a distressed sector should be able to raise such a large sum of money in exceptionally difficult market conditions will represent no mean feat. Observers believe that its...

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