SK Hynix Completes Record-Breaking $26.5 Billion Share Sale in US
The South Korean chipmaker's offering on the Nasdaq is the largest ever by a foreign firm, reflecting strong investor demand for AI-related companies.
South Korean semiconductor manufacturer SK Hynix has successfully raised $26.5 billion in its New York share offering, establishing a new record for the largest listing by a foreign company in the United States. The shares are scheduled to commence trading on the Nasdaq on Friday.
SK Hynix sold 177.9 million American depositary shares at $149 each. The company, a critical supplier to AI chip designer Nvidia, has experienced significant growth, with its market value surpassing $1 trillion in South Korea in May, driven by the surging demand for artificial intelligence chips. This surge has contributed to a more than 70% increase in South Korea's benchmark Kospi index over the year, with SK Hynix and Samsung Electronics playing a key role.
The US share offering provides American investors with direct access to SK Hynix stock, eliminating the need to trade on overseas exchanges. This move is expected to facilitate easier access to substantial investment capital from the world's largest economy. SK Hynix is a major global producer of advanced memory chips essential for AI infrastructure, including data centers.
Investor interest in the offering was reportedly robust, with demand exceeding the number of shares available by more than seven times, underscoring the strong appetite for key players in the AI supply chain.