Overview
- SK Hynix completed a $26.5 billion U.S. American Depositary Receipt sale that began when‑issued trading in New York, a foreign‑company offering larger than Alibaba’s 2014 U.S. IPO.
- The ADR was priced at $149 and traded in premarket quotes around $180, showing roughly a 20% premium that underwriters and analysts link to limited conversion between Korean shares and ADRs.
- The deal drew interest from more than 500 institutions, was over‑subscribed by over seven times, and forced allocation cuts for some investors.
- SK executives used the Nasdaq MarketSite ceremony and interviews to tie the listing to AI demand, saying the company plans to double production capacity in five years while warning that customer needs may still outstrip that expansion.
- Company leaders said they are exploring new commercial models such as “memory‑as‑a‑service,” and the capital raise could pressure further industry investment as buyers and cloud providers compete for more high‑bandwidth memory.