South Korean chipmaker SK Hynix has made history with its $26.5 billion Nasdaq debut, the largest U.S. equity offering by a foreign company. The company began trading American depositary receipts on Nasdaq on Friday, with 177.9 million ADRs priced at $149 each.
Expansion Plans
The proceeds from the offering will support capital expenditures for new fabrication facilities, advanced packaging plants, and equipment to meet demand for high-bandwidth memory chips used for artificial intelligence. SK Hynix holds the leading global market share in these specialized memory products essential for AI servers.
The debut marks the second-largest share sale globally after SpaceX’s recent IPO and tops Alibaba’s 2014 U.S. listing. It gives U.S. investors direct dollar-traded access to the company without foreign account requirements or currency conversion.
Original reporting: The Dallas Express — read the source article.
