South Korean semiconductor producer SK Hynix has successfully secured $26.5bn through a share offering in New York, establishing a record for the largest US listing by an international corporation. On Thursday, the company announced the sale of 177.9 million American depositary shares priced at $149 each, with trading scheduled to commence on the Nasdaq this Friday.
As a vital supplier to Nvidia, SK Hynix has benefited significantly from the global surge in artificial intelligence hardware. Earlier this year, the firm’s domestic market valuation surpassed $1tn. Its share price in South Korea has more than tripled since January, contributing to a substantial rise in the Kospi index alongside Samsung Electronics.
This capital raise stands as the second-largest stock offering globally, trailing only SpaceX. Each American depositary share represents one-tenth of a standard share traded in Seoul. The offering was highly anticipated, with investor demand reportedly exceeding the available stock by seven times.
By listing in the US, the chipmaker simplifies access for American investors and provides the company with direct entry to capital within the world’s largest economy. SK Hynix intends to leverage these funds to bolster South Korea’s domestic chip production and artificial intelligence infrastructure, aligning with a government-backed investment initiative exceeding $880bn.
