SK hynix shares jumped 13% in its Nasdaq debut after raising $26.5 billion. This marks the largest-ever U.S. initial public offering by a foreign company.
The South Korean chipmaker priced 177.9 million American Depositary Receipts at $149 each. The stock opened at $170 and closed its first day of trading at the higher valuation.
Heavy oversubscription signaled robust investor enthusiasm for the company’s high-bandwidth memory (HBM) used in AI accelerators. SK hynix will use the proceeds to expand manufacturing capacity to meet surging demand for AI memory chips.