SK Hynix Inc. raised approximately $26.5 billion in the largest U.S. initial public offering by a foreign company. The South Korean chipmaker priced its American depositary shares at $149 each. Investor demand left the offering more than seven times oversubscribed.
Proceeds will fund the development of a semiconductor cluster in Yongin and an advanced packaging plant in Cheongju. The company will also purchase manufacturing equipment to meet demand for high-bandwidth memory (HBM) chips. These components are essential for AI processors.
Shares closed their Nasdaq debut at $168.01. This price represents a 12.8% increase from the initial offering. The market reception reflects investor confidence in the company’s leadership in the AI-driven memory market. SK Hynix expects the listing to narrow its valuation gap with U.S. competitors.