On July 10, according to Bloomberg,SK hynix raises US$26.5 billion through issuance of American depositary shares. The South Korean memory chip maker defied market volatility to complete the largest initial U.S. stock offering ever by a foreign company.
SK hynix
According to an official statement from SK hynix, SK hynix issued 177.9 million American Depositary Receipts (ADRs) at a price of US$149 per share. Each ADR is equivalent to one-tenth of the common shares listed in Seoul, South Korea.
According to data compiled by Bloomberg,The size of SK Hynix's issuance reached US$26.5 billion, surpassing Alibaba Group's first listing in the United States and becoming the third largest listing transaction in history..
SK Hynix's listing in the United States has opened up a strong financing channel for the world's top high-bandwidth memory supplier, attracting investors seeking more ways to participate in the hot AI infrastructure transactions. Its documents show that Birkey Investments, Cotto Capital Management and Situational Awareness Partners have expressed their intention to subscribe for up to US$7 billion in ADRs.
SK Hynix's ADR is expected to begin "pre-release trading" on the Nasdaq Global Select Market on Friday under the ticker symbol "SKHYV." After regular trading officially starts on July 13, the stock code will be changed to "SKHY". Pre-issuance trading means that investors can buy and sell securities before they are officially issued.