SK Hynix advisors win big fee windfall after modest SpaceX payday

By Scott Murdoch

July ‌10 (Reuters) - Global investment ​banks ​and brokerages leading SK Hynix's mega share sale earned nearly $260 million in fees, a ‌boost for the industry which took in a ⁠relatively modest $500 million from SpaceX's record share sale last month.

The fees ‌equate to about 0.97% ‌of the total amount raised, SK Hynix's filings showed, meaning bankers earned more as a percentage of deal ​size than those who worked on SpaceX's initial public offering.

SpaceX bankers earned 0.67% or $500 million of ⁠the $75 billion in an IPO which eclipsed the previous record set by Saudi ​Aramco in 2019, as well as SK Hynix's U.S. listing this week.

Citigroup earned over $70 million ​from the SK Hynix sale, ‌which was 20% more than other banks on the deal, said a person with ⁠direct knowledge of the matter, who declined to be identified when discussing confidential information.

Citigroup was a joint global co-ordinator and ⁠the depository bank on the deal. The bank declined to ​comment on fees earned.

Bank of America, Goldman Sachs and JPMorgan were also global co-ordinators.

JPMorgan declined to comment. Bank of America and ‌Goldman Sachs did not respond to requests for comment.

South Korean chipmaker SK Hynix raised ‌about $26.5 billion after pricing its U.S. stock at $149 per ⁠depository receipt, a 2.7% ‌premium over its average ​share price in Seoul over the past three days.

(Reporting by Scott Murdoch; Editing by Christopher ‌Cushing)

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