SK Hynix, a subsidiary of SK Square, raised a record $26.5 billion in the largest U.S. initial public offering by a foreign company. The chipmaker priced its American Depositary Receipts at $149 per share. Investor demand for the Nasdaq listing was more than seven times oversubscribed.
Shares surged nearly 13% on the first day of trading to close at approximately $168. The successful debut reflects intense investor appetite for companies involved in the artificial intelligence boom.
SK Hynix is a leading manufacturer of high-bandwidth memory chips used in AI data center processors. The company will use the proceeds to fund the expansion of its chipmaking facilities.