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#SK海力士ADR指导价149美元 SK Hynix sets its offer price; raises about $26.5 billion, setting a record
The SK Hynix ADR offering price is set at $149 per share. The ADRs are expected to begin trading on Nasdaq today, with a fund-raising size of $26.5 billion.
According to The Interface News, on July 9 local time, SK Hynix raised $26.5 billion through an offering of American depositary shares (ADS), becoming the largest-ever first-time IPO in the United States by a foreign company by deal size. SK Hynix issued 177.9 million ADS at $149 per share; the ADS are scheduled to start trading on Nasdaq on July 10 under the ticker “SKHYV”.
According to Securities Times, among the world’s three largest memory chip manufacturers, currently only Micron Technology is listed on US equities. SK Hynix’s Nasdaq listing will directly change this landscape, enabling US investors to participate in investment opportunities in the storage-chip giant in a frictionless way during normal trading hours.
Thornburg Investment Management portfolio manager Di Zhou said that the offering is aimed at investors who are currently unable to access the Korean stock market. SK Hynix’s Nasdaq listing provides direct, barrier-free exposure to the most attractive pure play during the AI memory cycle.
According to Caixin Global, the offering comes as SK Hynix and its competitor—Micron Technology—have seen significant stock price fluctuations recently. As market enthusiasm for investments in AI infrastructure has cooled somewhat, the semiconductor sector has shown clear turbulence.
SK Hynix’s share price on Thursday has fallen by about 25% from its historical closing high set at the end of June, but its year-to-date cumulative gain is still more than double.
SK Hynix plans to sell 177.9 million ADRs, corresponding to 17.79 million shares of common stock. Earlier in the day, there were reports that it has already received more than seven times oversubscription.
Insiders previously said that the offering attracted active subscription from institutional funds, including global long-term funds, tech-industry-focused funds, sovereign wealth funds, and international investors focused on the Asian market.
The offering is being underwritten by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase as joint bookrunners, with nine other financial institutions participating as underwriters.
SK Hynix also received indications of ADR subscription worth up to about $7 billion in total from institutions such as Baillie Gifford, Coatue Management, and Situational Awareness Partners.
Meanwhile, driven by a government-led industrial support plan in Korea with a total size of about $880 billion, SK Hynix and its long-term competitor Samsung Electronics are expected to further increase investment domestically in Korea.
Under the plan, SK Hynix’s ADRs will launch “pre-trading” (when-issued trading) on Friday on the Nasdaq Global Select Market under the ticker SKHYV, and begin formal trading on July 13, with the stock code changing to SKHY. During today’s intraday session, the Korean KOSPI index’s gain widened to 5%.
Due to a 5% rise in KOSPI 200 index futures, Korean exchanges triggered a temporary halt mechanism for KOSPI, pausing programmatic buying for 5 minutes.
As of midday on the 10th, Samsung Electronics was up more than 6%, and SK Hynix was up nearly 3%
SK Hynix ADR offering priced at $149 per share. The ADR is expected to begin trading on Nasdaq today, with proceeds totaling $26.5 billion.
According to The Paper (Jiemian News), on July 9 local time, SK Hynix raised $26.5 billion through the issuance of American depositary shares (ADS), becoming the largest-ever first public offering (IPO) in the U.S. by a foreign company by offering size. SK Hynix priced 177.9 million ADS at $149 per share. The ADS will begin trading on Nasdaq on July 10 under the ticker “SKHYV.”
Securities Times reported that among the world’s three largest memory chip makers, currently only Micron Technology is listed on U.S. equities. SK Hynix’s Nasdaq listing will directly change this landscape, enabling U.S. investors to participate in investment opportunities in the storage-chip giant in a frictionless manner during normal trading hours.
Di Zhou, portfolio manager at Thornburg Investment Management, said the offering targets investors who currently cannot access the South Korean stock market. SK Hynix’s Nasdaq listing provides direct, frictionless exposure to what is considered the most attractive pure-play during the AI memory cycle.
According to Caixin (Cailian News), the issuance comes as SK Hynix and its competitor, Micron Technology, have seen their share prices swing sharply recently. As market enthusiasm for investments in AI infrastructure has cooled, the semiconductor sector has shown significant volatility.
SK Hynix’s share price on Thursday had fallen by about 25% from its all-time closing high set at the end of June, but its year-to-date cumulative gain still exceeds two times.
SK Hynix plans to sell 177.9 million ADR shares, corresponding to 17.79 million shares of common stock. Earlier in the day, there were reports that the offering has already received more than seven times oversubscription.
Insiders previously said that the issuance attracted strong subscription interest from institutional funds including global long-term funds, technology-industry-focused funds, sovereign wealth funds, and international investors focused on the Asian market.
The offering is led by joint bookrunners Bank of America, Citigroup, Goldman Sachs, and JPMorgan, with nine additional financial institutions participating as underwriters. SK Hynix also received indications of ADR purchase interest totaling up to about $7 billion from institutions including Baillie Gifford, Coatue Management, and Situational Awareness Partners.
At the same time, driven by a government-led industrial support plan in South Korea with a total scale of about $880 billion, SK Hynix and its long-term competitor Samsung Electronics are expected to further increase investments in South Korea.
Per the schedule, SK Hynix ADR will start “pre-trading” (when-issued trading) on the Nasdaq Global Select market on Friday under the code SKHYV, and will begin official trading on July 13. The stock code will change to SKHY.
During today’s trading session, the Korean KOSPI index’s gains expanded to 5%.
Due to a 5% rise in KOSPI 200 index futures, Korean exchanges initiated a temporary KOSPI trading halt mechanism and paused algorithmic buying for 5 minutes.
As of midday on the 10th, Samsung Electronics is up more than 6%, and SK Hynix is up nearly 3%.