SK Hynix listed its American depositary receipts on the Nasdaq on Friday, with the ADRs opening at $170 per share — a 14% gain above the $149 offering price — after the South Korean memory chipmaker raised $26.5 billion in the largest U.S. share sale ever completed by a foreign…
mpany. Until regular-way trading begins July 13, the ADRs are listed under the temporary symbol SKHYV; the ticker will then become SKHY
Each underlying common share is represented by ten ADRs. Demand for the offering exceeded supply by more than seven to one, according to Reuters. About $5 billion in ADRs went to three cornerstone investors — Baillie Gifford, Coatue Management, and Situational Awareness Partners — per Bloomberg.
SK Hynix marked the occasion with an opening bell ceremony at the Nasdaq MarketSite in Times Square, attended by SK Group Chairman Chey Tae-won, Executive Vice Chairman Chey Jae-won, and SK Hynix CEO Kwak Noh-Jung. At the opening bell ceremony, CEO Kwak Noh-Jung declared: “Today is a very proud day, and today is a truly historic day for SK Hynix.” “HBM stands at the heart of the AI revolution.” Speaking to CNBC, Chairman Chey Tae-won described the moment as “a dream come true.” Proceeds from the offering will fund the purchase of extreme ultraviolet lithography machines and the construction of new production facilities, according to the company’s filings. The ADR offering is scheduled to close July 14, and the underlying common shares will be additionally listed on South Korea’s KOSPI Market on July 29, the company said.