The South Korean chipmaker priced 177.9 million ADRs at $149 each in the largest foreign IPO in U.S. history.
SK Hynix completed its U.S. debut by raising $26.5 billion through the sale of 177.9 million American depositary receipts at $149 each. The offering surpasses all prior initial share sales by foreign companies in the United States, despite recent market volatility.
The deal eclipses the previous record held by Alibaba’s $25 billion IPO in 2014. Analysts had anticipated a smaller raise due to macroeconomic uncertainty, but strong demand from institutional investors drove the final tally.
Shares are expected to begin trading on the New York Stock Exchange under the ticker SKHY, with early indications pointing to stable pricing.