The South Korean chipmaker’s ADRs opened at $170 on the Nasdaq, after being priced at $149. They rose as high as $177 during intraday trading before giving back some gains to close at $168.49, up about 13.1 percent from the offering price.
The offering price reflected a roughly 2.7 percent premium to SK hynix’s three-day average share price in the Korean market.
Based on the closing ADR price and the exchange rate, the stock would translate into about 2.53 million won ($1,683) per Korean share, around 16 percent higher than SK hynix’s closing price of 2.18 million won on the Korea Exchange the previous day.
A simple calculation based on the closing ADR price would put SK hynix’s market capitalization at about $1.2 trillion, surpassing U.S. rival Micron Technology’s roughly $1.1 trillion valuation.
SK hynix offered a total of 177.9 million ADR shares, raising $26.51 billion. The amount marks the second-largest U.S. market offering after SpaceX’s $85.7 billion listing.
The company plans to use the proceeds for new facility investments and other growth initiatives as demand for high-bandwidth memory (HBM) continues to surge amid the rapid expansion of artificial intelligence infrastructure.
Chey and Kwak rang the opening bell as SK hynix officially began trading on the U.S. market.
Large screens around Times Square displayed messages celebrating SK hynix’s Nasdaq listing, including “Welcome to Nasdaq,” the company’s ADR ticker and “Nasdaq Listed,” underscoring the symbolic nature of the company’s entry into the center of U.S. capital markets.
Bob McCooey, vice chairman of Nasdaq, welcomed SK hynix to the exchange and described the listing as a meaningful milestone not only for the company but also for South Korea and Asian capital markets.
“SK hynix begins a new journey in the global market as an AI technology leader,” Kwak said in a commemorative speech.
Kwak reflected on the company’s recovery from a near-bankruptcy crisis 25 years ago and its transformation after joining SK Group in 2012. He said the company identified the need for HBM at a time when the future of advanced memory remained uncertain and became the first in the world to commercialize the technology.
“HBM now stands at the center of the AI revolution,” he said.
Kwak said the Nasdaq listing carries three major meanings for SK hynix: closer ties with the AI ecosystem in the United States, easier access for global investors and a stronger commitment to contributing to the industry.
The ADR offering is expected to be settled on July 14, U.S. time. The newly issued common shares underlying the ADRs are scheduled to be listed on the Korea Exchange on July 29.
“AI will be everywhere, and SK hynix will be wherever AI exists,” he said.
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