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SK Hynix raises $26.5 bn in record U.S. IPO, shares jump 13% on debut
South Korean memory‑chip maker SK Hynix completed the largest U.S. initial public offering by a foreign company, raising about $26.5 billion by selling 177.9 million American depositary receipts at $149 each. The offering was more than seven times oversubscribed and set a new record for foreign listings, surpassing Alibaba’s 2014 debut.
The ADRs opened at $170, climbed as high as $173 intraday and closed the first trading day around $168, delivering a 13‑14% gain. Proceeds are earmarked for a new fabrication plant at the Yongin semiconductor cluster, an advanced‑packaging facility in Cheongju, and additional equipment purchases. SK Hynix said “the proceeds will help fund the first fabrication plant at its Yongin semiconductor cluster in South Korea, an advanced packaging plant in Cheongju, and purchases of manufacturing equipment.”
The IPO underscores intense investor demand for AI‑related memory, as SK Hynix holds roughly 58% of the high‑bandwidth memory (HBM) market that powers GPUs for artificial‑intelligence workloads. Analysts note the capital raise gives U.S. investors direct exposure to a company that supplies AI giants such as Nvidia. The influx of $26.5 bn of dollars is also expected to boost the Korean won’s foreign‑exchange market, easing pressure on the currency.
The debut lifted broader market sentiment toward AI infrastructure, contributing to modest gains on the S&P 500, Nasdaq and Dow indices and reinforcing the view that AI‑related semiconductor firms remain a key investment theme.