SK Hynix has raised $26.5 billion in its initial public offering on the Nasdaq, setting a new record for the largest US debut by a foreign company.
The offering surpasses the $21.8 billion raised by Alibaba in 2014, which previously held the title for the biggest foreign IPO in US history.
4 billion, but the strong demand underscores the market's confidence in SK Hynix's position in the high-performance memory sector.
The South Korean memory chipmaker issued 17.79 million new American depositary receipts (ADRs) to complete the listing.
The final raise of $26.5 billion falls slightly short of the company's initial target of up to $29.4 billion, but the strong demand underscores the market's confidence in SK Hynix's position in the high-performance memory sector.
The listing represents the culmination of SK Hynix's strategic push to broaden its investor base in the United States.
By listing on the Nasdaq, the company aims to increase its visibility among US institutional investors and provide a more liquid trading venue for its shares, complementing its primary listing on the Korea Exchange.