SK hynix ADRs set to open 17 percent above offering price on Nasdaq debut: Bloomberg

SK hynix's American depositary receipts (ADRs) are forecasted to open 17 percent above their offering price at $175, according to Bloomberg, following the Korean chipmaker's $26.5 billion U.S. listing that is the largest ever by a foreign company. 

SK hynix rang the opening bell on Nasdaq Friday, as SK Group Chairman Chey Tae-won and CEO Kwak Noh-jung joined company officials and employees at the bell-ringing ceremony in New York.

Speaking to CNBC after the ceremony, Chey said SK hynix plans to expand its U.S. investments and is in talks for a potential joint venture. The comments came a day after U.S. Commerce Secretary Howard Lutnick publicly called on Samsung and SK hynix to build memory chip plants in the United States to boost domestic manufacturing.

Nasdaq Vice Chairman Bob McCooey called the listing "a significant moment for the Korean and broader Asian capital markets."

Kwak struck an optimistic note on the company's U.S. ambitions.

"The United States is at the center of AI," he said. "The customers leading AI innovation are here. The partners building the ecosystem are here, and the talent driving the industry is here."

SK hynix priced its American depositary receipts (ADRs) at $149 each, issuing 177.9 million ADRs — equivalent to 17.79 million common shares, or 2.5 percent of total shares outstanding. The ADRs are to begin trading Friday under the temporary ticker "SKHYV," with regular trading set to begin Monday under "SKHY."

BY LEE JAE-LIM [[email protected]]