Sk hynix surges 13 percent after blockbuster Nasdaq debut

Shares of SK hynix Inc., the world's second-largest maker of memory chips, jumped about 13 percent on the first day of trading after the company's debut on the tech-heavy Nasdaq, marking one of the world's biggest stock sales helped by the global spending boom on artificial intelligence.

SK hynix's American depositary receipts (ADRs) on the Nasdaq market closed at some US$168 each, above the level of the $149 that the chipmaker had priced before the listing.

It marked an around 13 percent rise and one of the biggest share sales in U.S. history by a foreign company.

The offering consists of 177.9 million ADRs, raising about 40 trillion won ($26.6 billion). Each ADR represents one-tenth of a common share listed on the Seoul stock market.

SK hynix's listing ranks among the largest U.S. equity offerings by a foreign company and the second-largest equity offering in the U.S. market after SpaceX, underscoring the strong global investor appetite for companies at the center of the AI boom.

In a statement, SK hynix said the Nasdaq listing will broaden its global investor base in the U.S. capital market and further strengthen its position as a key partner in the AI ecosystem.

"As the AI era accelerates, data centers are expanding rapidly, driving a surge in demand for AI memory to support them. SK hynix is a world-class memory semiconductor company equipped with industry-leading technology and stable supply capabilities demanded by global Big Tech customers," the company said in the statement.

With this listing, SK hynix plans to broaden its global investor base in the U.S. capital markets and further solidify its position as a "Core AI Partner," it added.

Yonhap