SK Hynix officially priced its American Depositary Receipts (ADRs) at $149 per share on Friday. The South Korean semiconductor manufacturer is issuing 177.9 million ADRs to raise approximately $26.5 billion. The capital influx directly addresses an ongoing global memory chip shortage driven by surging artificial intelligence hardware demand.
Institutional interest rapidly eclipsed the available allocation. Orders approached $200 billion, oversubscribing the offering by more than seven times. The ADRs are set to begin trading on the Nasdaq under the ticker “SKHYV” before transitioning to the standard “SKHY” symbol.
The $149 entry point sits at a 2.9% premium over the company’s Thursday closing share price in Seoul. Financial analysts project this U.S. market entry will help narrow a persistent valuation gap, a metric where rival Micron Technology currently holds a structural advantage. Micron trades at a 12-month forward price-to-earnings ratio of 6.66x, compared to the 5.5x multiple held by SK Hynix.
This offering shatters previous international listing benchmarks. SK Hynix has officially eclipsed the $25 billion U.S. initial public offering record set by China’s Alibaba in 2014. The transaction now stands as the third-largest stock market listing in global history.
How Nvidia’s Supply Chain Dictates SK Hynix Expansion
The $26.5 billion raise directly finances the physical expansion of new factories and advanced semiconductor packaging facilities. SK Hynix operates as the primary supplier of high-bandwidth memory (HBM) chips for Nvidia.
Direct access to the U.S. capital market provides the immediate liquidity required to build these highly specialized fabrication plants. Expanding physical capacity remains the only way the manufacturer can clear the current backlog of HBM orders and satisfy the broader technology sector’s ongoing hardware requirements.