SK Hynix ADRs Surge After Record $26.5 Billion US Offering
SK Hynix Inc.’s American depositary receipts surged above their offering price, after the South Korean memory chipmaker raised $26.5 billion in the largest-ever US listing by a foreign company.
The ADRs opened at $170 each on Friday in New York, versus an offering price of $149 apiece. The successful mega-listing brushed aside concern over recent volatility among chipmakers, demonstrating investors have plenty of appetite for direct exposure to SK Hynix’s dominant position in high-bandwidth memory for artificial intelligence computing. The ADRs are trading at a premium of about 17% over the closing price of the Seoul-listed common stock, due in part to restrictions on exchanging the South Korean stock for the US instruments.
We get reaction from Anthony Hughes, Bloomberg News US ECM Reporter.
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