SK Hynix debuts on Nasdaq with record-setting IPO

SK Hynix, a prominent South Korean chip manufacturer, has made a significant debut on the Nasdaq stock exchange with its American Depositary Receipts (ADRs) trading under the temporary code "SKHYV." The shares opened at $170, marking a strong secondary listing on Wall Street for the company, which is already publicly traded in South Korea.

The launch ceremony at the Nasdaq featured SK Group Chairman Chey Tae-Won and SK Hynix CEO Kwak Noh-Jung ringing the opening bell. "Today is a day of great pride and a truly historic day for SK Hynix," Kwak stated during his address. The company successfully raised approximately $26.5 billion from the U.S. market through its IPO, with shares priced at $149 each. This offering stands as the largest IPO by a foreign company on U.S. exchanges to date.

SK Group will maintain its controlling stake and strategic decision-making authority following the IPO, according to filings with the U.S. Securities and Exchange Commission. SK Hynix intends to allocate the substantial funds raised towards expanding its production capacity, building next-generation artificial intelligence infrastructure, and financing various investments.

These investments include the recently announced construction of an advanced chip packaging facility in Indiana, U.S., which will be supported by billions of dollars in research and development funding. This move underscores SK Hynix's commitment to strengthening its global presence and its role in the burgeoning AI chip market.

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Today is a day of great pride and a truly historic day for SK Hynix.