SK Hynix is telling investors it plans to price its US listing at $149 per American depositary receipt, Bloomberg reported Thursday, even as shares of the Korean memory chipmaker continue to swing after a massive AI driven rally.
At that level, the ADRs would price about 3.1% above SK Hynix’s Thursday close in Seoul. Each ADR represents one tenth of a common share, according to an earlier filing with the US Securities and Exchange Commission.
The offering would raise about $26.5 billion at the planned price, making it the largest first time US share sale by a foreign company, according to Bloomberg. That would put SK Hynix ahead of Alibaba’s $25 billion debut.
The listing comes during a volatile stretch for AI linked chip stocks. SK Hynix shares closed Thursday about 25% below their late June record, though the stock remains more than triple where it started the year. Micron and other memory names have also been hit by sharp moves as investors reassess the pace of the AI infrastructure trade.
Demand for the deal remains strong. Bloomberg previously reported that the sale of 177.9 million ADRs, representing 17.79 million common shares, was more than seven times oversubscribed. Institutional demand has come from global long only funds, technology focused funds, sovereign wealth funds and Asia focused investors.
