SK Hynix completes its U.S. ADR offering, raising $26.5 billion, setting a new record for a foreign company's IPO in the U.S.

South Korean semiconductor firm SK Hynix has completed its US depositary receipt (ADR) offering, raising $26.5 billion, setting a new record for the largest initial public offering (IPO) by a foreign company in the US and becoming the third-largest listing in global securities history. SK Hynix issued a total of 177.9 million ADRs, priced at $149 each, with each ADR equivalent to one-tenth of its common shares traded on South Korea’s domestic stock market. The final offering price was approximately 3% higher than the closing price of its home-listed shares. Per the transaction terms, SK Hynix ADRs will launch pre-market trading on the Nasdaq Global Select Market on Friday under the temporary ticker symbol "SKHYV", and are scheduled to switch to the official ticker "SKHY" for regular trading starting July 13. The offering is led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, with 9 additional firms participating. Market feedback shows the offering received over 7 times oversubscription, with total subscription interest approaching $200 billion. Asset management firms including Baillie Gifford, Coatue Management, and Situational Awareness Partners took part in the subscription, with the top ten orders absorbing nearly half of the total shares. SK Hynix aims to list on the US stock market to narrow the valuation gap with US peers such as Micron Technology, and leverage overseas capital premiums to boost its corporate value. As a core supplier of high-bandwidth memory (HBM) for NVIDIA, SK Hynix already holds a significant market share in this segment. Meanwhile, US Secretary of Commerce Howard Lutnick stated he is in talks with Samsung Electronics and SK Hynix, urging the two South Korean memory chip manufacturers to expand production in the US to enhance the resilience of America’s domestic chip supply chain.