technology
SK hynix sets $26.5bn Nasdaq listing price
South Korean chip maker SK hynix priced its U.S. listing at $149 per American depositary share to raise $26.5 billion. The offering is more than seven times oversubscribed.
Jul 10, 1:06 AM·1m read1 source
Audio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
South Korean chip maker SK hynix set the price for its U.S. listing on Friday at $149 per American depositary share, aiming to raise $26.5 billion. The company plans to issue the equivalent of about 18 million shares on Nasdaq later the same day. The offering is being led by BofA Securities, Citigroup Global Markets, Goldman Sachs (Asia) and JP Morgan Securities.
Proceeds and use of funds SK hynix said it will use the proceeds to fund construction of the first fabrication hub at a new semiconductor cluster in Yongin near Seoul and to build an advanced packaging facility in Cheongju. The company is also part of a public-private investment of 800 trillion won to build a new chip hub in southwest South Korea.
Market context SK hynix supplies advanced memory chips to Nvidia and has seen profits rise with demand for chips used in artificial intelligence data centers. Its shares on Seoul's Kospi index rose 2.7 percent after the pricing announcement. The listing amount exceeds the $25.6 billion raised by Saudi Aramco in 2019 and the $21.8 billion raised by Alibaba in its New York initial public offering, though it falls short of the $75 billion raised by SpaceX last month.
