SK hynix posts largest-ever U.S. IPO by a foreign company

The chipmaker set its ADR offering at $149 per share, raising about $26.5 billion in the largest-ever U.S. IPO by a foreign company.

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The offering price for chipmaker SK hynix's American depositary receipts (ADRs) has been set at $149 per share.

Because one ADR represents one-tenth of a Korean common share, the offering price represents about a 2.9 percent premium to SK hynix's closing price of 2.2 million won ($1,450) on the Korea Exchange on Thursday, based on an exchange rate of 1,509.9 won per dollar.

The offering will raise approximately $26.5 billion, making it the largest-ever U.S. initial public offering (IPO) by a foreign company, surpassing Alibaba's $25 billion listing.

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It will also become the second-largest IPO ever in the United States, behind SpaceX's $85.7 billion offering.

SK hynix ADRs will begin conditional trading Friday under the ticker symbol SKHYV. Regular trading under the ticker SKHY is scheduled to begin on Monday. The offering is expected to close on Tuesday.

The IPO is being led by Bank of America, Citigroup, Goldman Sachs and JPMorgan.


BY KIM JI-HYE [[email protected]]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

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