SK Hynix Completes $26.5bn New York Share Offering
South Korean computer chip manufacturer SK Hynix has successfully raised $26.5 billion (£19.8 billion) through its share offering in New York, marking the largest listing ever by a foreign company in the United States.
The company, a major supplier to AI chip leader Nvidia, announced on Thursday that it sold 177.9 million American depositary shares at a price of $149 each. These shares are scheduled to begin trading on the Nasdaq stock exchange on Friday.
Market Value and Share Performance
In May, SK Hynix's market capitalization surpassed $1 trillion in South Korea, driven by the surge in demand for AI chips. The company’s share price has more than tripled this year in South Korea, contributing alongside Samsung Electronics to a more than 70% rise in the benchmark Kospi index during the same period.
Access for US Investors and Market Demand
This offering provides US investors with a direct opportunity to purchase SK Hynix shares without the need to trade on overseas exchanges, thereby granting the company improved access to substantial investment capital from the world's largest economy.
SK Hynix is recognized as one of the leading global manufacturers of advanced memory chips utilized in AI infrastructure, including data centers.
Demand for the offering reportedly exceeded supply by over seven times, underscoring strong investor interest in a pivotal company within the AI supply chain.
