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SK Hynix hits the U.S. stock market as demand for memory chips soars amid AI frenzy
The offering was more than seven times oversubscribed as SK hynix taps U.S. investors to fund new fabs and equipment for AI memory demand.
- On Thursday, SK Hynix prepared for its Friday Nasdaq debut as strong institutional demand for 177.9 million ADRs exceeded available shares by over seven times.
- The South Korean chipmaker launched this sale to fund domestic manufacturing expansion, including extreme-ultraviolet lithography machines, as the Technology boom drives demand for Hynix HBM.
- Anchor investors Baillie Gifford Overseas, Coatue Management, and Situational Awareness Partners signaled appetite for $7 billion of ADRs, while total orders reached roughly $171.5bn, dwarfing available shares.
- Underwriters finalized pricing on Thursday with proceeds potentially reaching roughly $25.71 billion, which Barron calculated would make it the largest ADR offering ever, surpassing Alibaba's 2014 debut.
- Analysts anticipate further demand once ADRs join major benchmarks, with index inclusion potentially drawing around $15bn in passive inflows as trading begins Friday on the Nasdaq Global Select Market.
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SK Chairman Calls SK Hynix US Debut a 'Dream Come True'
Chey Tae-won, chairman of SK Hynix parent SK Group, discusses SK Hynix's listing on the Nasdaq and says he hopes to expand the ADR size once there is a good return. He speaks with Ed Ludlow on "Bloomberg Tech." (Source: Bloomberg)
·New York, United States
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SK Hynix's New York debut caps Chey Tae-won's risky bet on AI memory chips
SEOUL: When South Korean billionaire Chey Tae-won rang the Nasdaq's opening bell for SK Hynix's $26.5 billion listing on Friday, it marked the ultimate payoff of a bet many once considered risky: buying a loss-making chipmaker that has since become an AI powerhouse.SK Group's 2012 acquisition of Hynix was viewed as problematic even within the business conglomerate: Memory chips are cyclical and capital-intensive, and the company was losing mone…
·Dubai, United Arab Emirates (the)
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Total News Sources135
Leaning Left20Leaning Right18Center47Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 24%
C 55%
R 21%
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