NEW YORK: South Korean semiconductor giant SK Hynix soared 13 percent on its first day of trading on NASDAQ Friday, capping one of the world's biggest stock sales ever.
The company's American depositary shares ended at $168 after pricing at $149, raising $26.5 billion. The offering was more than seven times oversubscribed.
SK Hynix is a major supplier of advanced memory chips to Nvidia, benefiting from the global AI boom. Its market capitalization in Seoul surpassed $1 trillion in May, joining a rare club with Samsung Electronics and Micron.
The three companies dominate the high-bandwidth memory market critical for AI servers. SK Hynix said it will use the proceeds to build a new semiconductor cluster in Yongin and an advanced packaging facility in Cheongju.
The company is also part of a massive public-private investment to build a new chip hub in southwest South Korea.