Key Points
- SK Hynix raises $26.5 billion on NASDAQ, the largest US IPO ever by a foreign company, opening 14% above its $149 offering price.
- Sevenfold oversubscription and modest gains reflect the deal's unprecedented scale, with institutional investors absorbing massive capital deployment.
- The listing gives US investors direct NASDAQ access to the South Korean memory chipmaker, previously available only through Korean exchanges, amid surging AI demand for high bandwidth memory.
Summary
SK Hynix Completes $26.5B NASDAQ Debut—Largest US IPO by Foreign Company
SK Hynix, the South Korean memory chip manufacturer, opened on NASDAQ today up 14%, raising $26.5 billion in the largest US initial public offering ever by a foreign company. The ADRs opened at $170, compared to the $149 offering price, valuing the company at roughly $1.03 trillion.
Demand for the IPO exceeded available shares more than sevenfold. The modest pop—14% rather than the 80–100% moves typical of oversubscribed offerings at smaller price points—reflects the sheer scale of capital deployed. Most early buyers, including institutional investors like Bailey Gifford, are now sitting on 14% gains.
The blockbuster listing caps an extraordinary run for memory manufacturers fueled by surging demand from AI systems, particularly high bandwidth memory used alongside advanced AI accelerators. SK Hynix's Korean-listed shares have climbed over 600% in the past year. The company, along with Samsung and US-based Micron, dominates the global memory market.
The move opens easier access for US investors. SK Hynix shares previously traded only on the KOSPI, South Korea's main index. Now investors can buy ADRs directly on NASDAQ without routing orders through Korean exchanges.
The shares are currently trading under a temporary ticker, KHYV, before converting to the permanent ticker SKHY on Monday. The temporary designation indicates the shares are trading on a "when issued" basis—the exchange is allowing buy and sell orders before the transaction fully settles, easing the company into American markets. This mechanism is not used for all ADRs but closes the gap between announcement and actual share delivery.
Every deal, every interview. 5 minutes.
TBPN Digest delivers summaries of the latest fundraises, interviews and tech news from TBPN, every weekday.