SK Hynix Inc. raised $26.5 billion in a landmark U.S. initial public offering.
The South Korean chipmaker priced its American Depositary Receipts (ADRs) at $149 each. Investors oversubscribed the offering by more than seven times. This debut represents one of the largest U.S. listings ever by a foreign firm.
The ADRs begin trading on the Nasdaq on July 10 under the ticker symbol SKHYV. Trading will initially occur on a when-issued basis.
SK Hynix will use the proceeds to build factories and equipment for high-bandwidth memory (HBM) chips. These components meet surging global demand for artificial intelligence data centers. The offering triggered a rally in other Asian semiconductor stocks.