South Korean chipmaker SK Hynix raised $26.51 billion in its Wall Street debut, the largest share sale ever by a foreign company. The listing follows a year in which artificial-intelligence demand lifted its Seoul-listed shares more than 118%.
SK Hynix raised $26.51 billion through its Wall Street debut, the biggest share sale on record by a foreign company. The offering surpassed Alibaba's 2014 sale of $25 billion and ranked second only to SpaceX's $75 billion offering from the previous month.
The company sold 177.9 million American Depositary Receipts at $149 each, with 10 ADRs representing one common share. That price marked an approximately 3% premium to the Seoul-listed shares, which trade at 2,180,000 won, or $1,450, apiece. SK Hynix said the proceeds will fund facility expansion and equipment purchases for its chip manufacturing.
The debut lands after a strong run at home. The Seoul-listed stock has risen 118.60% over the year, a gain the company attributes to demand from the artificial-intelligence sector.
A U.S. listing may help SK Hynix narrow its valuation gap with Micron Technology. For traders following the chip group, that stock trading event resets how the company is priced against a U.S.-listed peer.
The debut could also open the door to index inclusion. The company may qualify for the Philadelphia Semiconductor Index, a step that could draw broader institutional buying.
Source: marketscreener.com (snippet-based)
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