South Korean memory chipmaker SK hynix has priced its American Depository Receipts at $149, raising $26.5 billion ahead of its debut on the Nasdaq. The listing, under the ticker 'SKHY,' is the second-biggest share sale in history, behind only SpaceX's recent offering. Demand was reportedly seven times oversubscribed.
The move is a strategic play to capitalize on investor enthusiasm for artificial intelligence. SK hynix is the world's top supplier of high-bandwidth memory (HBM) chips, a critical component for AI servers and data centers. The company plans to use the funds to build new chipmaking facilities and purchase advanced equipment.
The listing also aims to narrow the valuation gap with U.S. rival Micron Technology. Analysts note SK hynix leads in market share and has a strong partnership with AI chip giant Nvidia, whose CEO recently called SK hynix his 'largest partner.' Despite recent market volatility, SK hynix's stock has surged over 239% year-to-date, driven by its pricing power amid a global chip shortage.