SK Hynix Inc.'s American depositary receipts (ADRs) are indicated to begin trading at $175 each, signaling a 17% increase above their offering price of $149 apiece. This follows the memory chipmaker's successful US listing, which raised $26.5 billion, making it the largest ever by a foreign company in the United States.
Pre-market indications from market makers suggest strong investor interest for the South Korean firm. The offering price for the 177.9 million American depositary shares was set at $149 each, with trading on the Nasdaq expected to commence on Friday.
The substantial capital raised is intended to fund new fabrication plants and equipment, as SK Hynix aims to expand its production of high-bandwidth memory (HBM) chips. HBM chips are a crucial component for artificial intelligence accelerators, with SK Hynix being a dominant supplier in this market, particularly for AI chip giant Nvidia.
