SK Hynix (SKHY.US) priced its U.S. IPO at $149 per ADR, raising a whopping $26.5 billion.

According to informed sources, despite recent fluctuations in stock prices, South Korean storage chip manufacturer SK hynix (SKHY.US) has informed investors that it plans to set the issuance price of its American Depositary Receipts (ADR) for its U.S. listing at $149 per share, representing a premium of approximately 3.1% over the closing price of its ordinary shares in Seoul on Thursday. According to a listing filing submitted to the U.S. Securities and Exchange Commission (SEC) earlier, each SK hynix ADR represents one-tenth of a share of the company's ordinary shares. The final size of this ADR issuance has been determined to be 17.79 million ordinary shares (equivalent to 177.9 million ADRs). Data shows that based on the issuance price of $149 per ADR, the fundraising size for this issuance is approximately $26.5 billion. This will be the largest-ever initial public offering (IPO) by a foreign company in the U.S., surpassing the previous record set by Alibaba Group Holding Limited Sponsored ADR at $25 billion. SK hynix ADRs will officially list on Nasdaq and begin trading on Friday, July 10. It is reported that the SK hynix ADR issuance has received more than 7 times oversubscription. Sources previously stated that this issuance has attracted demand from numerous institutional investors, including global long-term investment funds, technology-focused funds, sovereign wealth funds, and global investment institutions focusing on the Asian market. SK hynix has received commitments to subscribe to the ADRs from institutions such as Baillie Gifford, Coatue Management, and Situational Awareness Partners, with the total amount to be subscribed reaching up to $7 billion. The SK hynix ADR issuance has attracted enthusiastic subscriptions from investors, reflecting global capital's pricing consensus on the AI storage industry chain. SK hynix is the world's second-largest DRAM manufacturer and the largest global market share holder in HBM, with a 56.4% market share in the first quarter of 2026. Its NAND flash global market share is 18.5%, and its net profit and operating profit rate have seen significant growth. The company has formed a joint development relationship with NVIDIA Corporation. It is worth noting that this issuance comes at a time when the stock prices of SK hynix in South Korea and its U.S.-listed competitor, Micron Technology, Inc. (MU.US), have experienced significant fluctuations in recent days. As market enthusiasm for AI infrastructure investments cools down, related chip stocks have shown significant volatility. The closing price of SK hynix's stock in South Korea on Thursday was down 25% from its historical closing high at the end of June, but still up more than three times from the beginning of the year. SK hynix stated that the purpose of this listing is to enhance the company's global capital market visibility and strive for a more reasonable market valuation. The company believes that despite its leading position in the AI memory market, its current valuation is still lower than Micron's. Furthermore, SK hynix announced that the funds raised will be mainly invested in the construction of the first wafer fab in the Yongin semiconductor cluster, the expansion of advanced packaging facilities in the Cheongju P&T7 Park, and the construction of an AI memory packaging factory in Indiana, USA. Additionally, the company will purchase extreme ultraviolet (EUV) lithography equipment to further enhance its advanced process manufacturing capabilities. Overall, the funds raised will focus on expanding HBM, advanced packaging, and high-end manufacturing capacity, aligning with SK hynix's long-term strategic goal of consolidating its competitive advantage in the AI chip supply chain and meeting the fast-growing demand for AI memory.