SK Hynix has raised $26.5 billion in its Wall Street share offering, marking the biggest first-time listing by a foreign company in the US.
The IPO consists of 177.9 million American depositary receipts, each representing one-tenth of a share of the company’s common stock, or 17.79 million shares. Demand for the US sale was running at seven times the available shares.
The South Korean memory chip leader announced Thursday that it had sold the ADSs at $149 each ahead of its US public trading debut on Friday. They will trade that day on the Nasdaq under the ticker symbol SKHYV, before beginning regular trading under SKHY on Monday.
All totaled, the $26.5 billion raised means the SK Hynix debut tops Alibaba’s US IPO,
SK Hynix is the second-most-valuable company in South Korea, behind Samsung, with significant expansion plans in the U.S., which have increased its market cap to roughly $1 trillion. The company is one of three main manufacturers of computer memory used in laptops and phones sold by brands like Apple and Dell.
SK Hynix is building its first manufacturing plant in the U.S., set to be finished in 2028. The $4 billion facility in West Lafayette, Indiana, will focus on advanced packaging, a key step in making HBM.
SK Hynix expects to receive up to $458 million in funding from the U.S. CHIPS and Science Act, passed in 2022 as the centerpiece of a plan to boost the domestic chip industry. The company could also access up to $570 million in loans from the U.S. Commerce Department.
By CEO NA Editorial Staff
