SK Hynix shares surged nearly 13% in their Nasdaq debut on Friday, marking a strong entry into the U.S. market for the South Korean chipmaker. The company’s American depositary receipts opened at $170 and closed at $168.01, well above the $149 offer price.
The $26.5 billion raised through the sale sets a record for the largest U.S. initial share offering by a foreign company. The listing gives American investors direct access to one of the leading suppliers of memory chips for artificial intelligence systems, amid a busy IPO market.
Record-Breaking $26.5 Billion Sale
SK Hynix sold 177.9 million American depositary receipts, with each ADR representing one-tenth of a common share. Demand exceeded available shares by more than seven times, according to reports, allowing the company to price the offer at $149 per ADR.
The shares traded under the temporary ticker SKHYV during Friday’s when-issued session. Nasdaq said the ticker will change to SKHY on Monday, July 13, when regular trading begins. The company’s main stock market listing will remain on the Korea Exchange.
AI Memory Demand Fuels Investor Interest
SK Hynix leads the market for high-bandwidth memory (HBM), a type of chip placed close to advanced processors. HBM provides AI systems with quick access to data for complex computing tasks. Nvidia uses the technology in graphics processors built for data centers.
Chairman Chey Tae-won said customer demand has remained high as companies expand AI infrastructure. “The demand is enormous, exponentially,” he said. He added that customers asked for more supply after SK Hynix announced plans to double production capacity within five years.
The company supplies major technology firms, including Nvidia and Apple. Its regulatory filing indicates it holds 56.4% of the HBM market. Samsung Electronics and Micron Technology also produce HBM and storage chips for servers, phones, computers, and other electronic devices.
New Funding Targets Factories and Equipment
SK Hynix plans to use the proceeds from the U.S. offering to finance factories and production equipment. The company is expanding capacity as memory shortages raise prices and limit supply across the technology sector. New chip plants take several years to build and prepare for production.
Part of the expansion includes a $4 billion advanced packaging facility in Indiana. The company also plans large manufacturing projects in South Korea, including a chip cluster in Yongin. These sites will support production of HBM and other memory products for AI servers.
Memory manufacturing has a long history of sharp supply cycles. High demand can lead chipmakers to add capacity, while later oversupply can push prices lower. SK Hynix said newer uses, including AI agents and robots, require more memory than earlier computing systems.
The U.S. listing follows a steep rise in SK Hynix’s Korea-listed shares. The stock gained 634% over the past year, supported by higher memory prices and AI spending. Friday’s Nasdaq debut broadens the company’s investor base while its Seoul listing remains active.
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