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SK Hynix ADR Debuts on Nasdaq, Rises 13.1% to $168.49, Raising $26.5B

GateNews
Stocks
SKHYV-0.98%
NDAQ0.65%
MU-1.19%
SPCX-4.41%
SK Hynix began trading on Nasdaq on July 10 with strong investor demand, closing at $168.49 per ADR, up 13.1% from the $149 offering price. The South Korean memory chipmaker raised $26.507 billion through the ADR offering, the largest ever by this method and the second-largest capital raise in the U.S. market this year after SpaceX's $85.7 billion IPO. On a fully diluted basis, SK Hynix's market capitalization reached approximately $1.2 trillion, surpassing rival Micron's $1.1 trillion. Nasdaq President Nelson Griggs called the listing a "blockbuster" in a Bloomberg TV interview, saying it could open doors for more overseas companies to pursue U.S. capital markets access. Griggs noted that four of the top 10 fundraisers globally this year were foreign companies seeking higher valuations from American investors.
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