finance
South Korean chipmaker SK Hynix opens at $170 a share on Nasdaq
SK Hynix began trading on the Nasdaq Friday at $170 per share and rose nearly 20 percent by early afternoon. The company raised $26.5 billion in the largest U.S. share sale by a foreign firm.
Jul 10, 4:53 PM·1m read2 sources
New York PostAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
SK Hynix opened Friday at $170 a share on the Nasdaq and rose nearly 20 percent to $18.61 by 2:45 p.m. ET. The company raised $26.5 billion in its U.S. offering, the largest share sale by a foreign firm on record. More than 52 million shares traded by noon. A Cboe Global Markets executive described the volume as a huge number less than 30 minutes after the debut.
Company background and market position SK Hynix is South Korea's second-most valuable company after Samsung. It specializes in high-bandwidth memory chips used in data centers. The company sells to major technology firms and has seen its valuation increase more than sevenfold over the past year. Revenue tripled between 2022 and 2025.
Expansion plans and outlook The company priced its American depositary receipts at $149 and will use the proceeds for new factories and equipment. It has announced a $4 billion packaging plant in Indiana, with most expansion remaining in South Korea.
The chairman stated that demand for its chips remains enormous and that customers have asked for more production capacity than the company has planned. The stock will trade under the ticker SKHYV until Tuesday, when it switches to SKHY.
