SK Hynix completes its ADR offering in the U.S., raising $26.5 billion and setting a record for the largest IPO funding by a foreign company in the U.S.

BlockBeats message, July 10: Korean semiconductor company SK Hynix completed its American Depositary Receipt (ADR) offering in the United States, raising $26.5 billion. This set the record for the largest-ever initial public offering by a foreign company in the U.S., and became the third-largest listing in global securities history.

In this offering, SK Hynix issued 177.9 million ADRs in total, priced at $149 per ADR. Each ADR represents one-tenth of its ordinary shares traded on the Korean stock market. The final offering price was at a premium of approximately 3% over the local closing price in South Korea. According to the trading arrangements, SK Hynix ADRs will begin trading prior to issuance on Friday on the Nasdaq Global Select Market under the temporary ticker symbol “SKHYV,” and are planned to switch to the official ticker symbol “SKHY” on July 13 for routine trading.

The offering was led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, with another 9 firms participating. Market feedback indicates that the offering received more than 7 times oversubscription, with total subscription intent approaching $200 billion. Asset management institutions including Baillie Gifford, Coatue Management, and Situational Awareness Partners participated in the subscription. The top ten orders absorbed nearly half of the shares.

SK Hynix hopes that by listing on the U.S. stock market, it can narrow the valuation gap with U.S. peers such as Micron Technology, and use the overseas capital premium to enhance corporate value. As a core supplier of NVIDIA’s high-bandwidth memory (HBM), SK Hynix has already secured an important share in this field. At the same time, U.S. Commerce Secretary Howard Lutnick said that he is communicating with Samsung Electronics and SK Hynix, requesting that the two South Korean memory chip manufacturers increase their efforts to expand production in the United States, in order to strengthen the resilience of the domestic chip supply chain.