SK Hynix Raises $26.5bn in Largest US Listing by Foreign Firm; Shares Surge
SK Hynix Raises $26.5bn in Largest US Listing by Foreign Firm; Shares Surge
South Korean chip maker SK Hynix raised $26.5bn in its New York initial public offering, with shares surging on their first day of trading on the Nasdaq.
- SK Hynix sold 177.9 million American depositary shares at $149 each, raising $26.5bn.
- The shares rose as much as 17% in their Nasdaq debut on Friday.
- SK Hynix pledged major investments to build new plants in South Korea and develop advanced chips.
- Demand for the offering exceeded available shares by more than seven times, according to reports.
Latest developments
On Monday, SK Hynix shares recorded their largest daily drop in history on the Seoul exchange, falling 15.37% to close at 1.845 million won ($1,230), as investors took profits after the stock's strong debut on the Nasdaq on Friday. The CEO stated that the global chip shortage is not over, with demand for advanced memory chips still exceeding supply, particularly for AI applications and data centers, and that supply constraints will persist in certain products as the company expands capacity to meet demand.
Coverage
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