hynix-sets-price-for-567-million-share-sale

Hynix sets price for $567 million share sale

The Korean memory-chip maker is offering 70 million new shares at W10,350 apiece as it tries to boost its cash position.

Hynix Semiconductor has set the price for its upcoming share sale at W10,350 per share, which will allow it to raise a total of W724.5 billion $567 million. The money raised will be used to improve the company's financial position and liquidity, though the amount is slightly less than initially hoped for due to a drop in the company's share price since the deal was first announced.

The price was set at a 30% discount to the one-week volume-weighted average price up to yesterday's closing price, but the discount versus yesterday's close of W14,750 is only marginally tighter at 29.8%, which bodes well for the demand. The fully-underwritten offering is primarily targeted at Korean...

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