SEOUL - South Korean chip giant SK Hynix on July 10 priced its mega US listing at US$149 per share, raising around US$26.5 billion (S$34 billion) in what will be the world’s second largest stock sale after SpaceX.As governments and tech firms race to build data centres to train and run artificial intelligence, SK Hynix - a supplier to industry behemoth Nvidia -- has seen profits and its share price skyrocket.The semiconductor giant plans to issue the equivalent of nearly 18 million new shares on Wall Street’s tech-heavy Nasdaq index on July 10 through something called American Depositary Receipts (ADRs), which allow slices of foreign companies to be traded on US public markets.SK Hynix said this week it hoped to raise a whopping 43 trillion won or US$28 billion, but recent volatility in the company’s shares had apparently scaled back the target.Global tech stocks have tumbled in recent weeks amid fears about extended valuations - SK Hynix shares have jumped more than 200 per cent in 2026 - and questions over when the enormous spending on artificial intelligence will reap returns.But the US listing has enjoyed considerable interest, with US media reporting it was more than seven times oversubscribed.The amount raised did not come close to the record US$75 billion raised in SpaceX’s IPO in June, which made founder Elon Musk the world’s first trillionaire.But it beat out Saudi Aramco’s 2019 US$25.6 billion debut in the Gulf, and the US$21.8 billion raised by Chinese tech firm Alibaba in its New York IPO.The record-setting offering caps a dramatic success story for SK Hynix. An early shift to embrace HBM – and a relatively sluggish response by domestic rival Samsung Electronics – made it the go-to provider for Nvidia, bringing a huge windfall. SK Hynix controlled 57 per cent of the global HBM market share by revenue in the fourth quarter of 2025, according to data from Counterpoint Research.Its ADR sale ended more than seven times oversubscribed, according to terms of the deal. Nearly half of the ADRs were sold to the accounts placing the 10 largest orders, with interest approaching US$200 billion in demand, the terms show.At US$149 per ADR, the pricing of SK Hynix’s US offering would be about 3 per cent higher than the closing price of its shares in South Korea on July 9. The ADRs are expected to trade above the equivalent share price in Seoul, due to restrictions on exchanging common stock for the US instruments. The decision not to entice buyers by offering ADRs at a discount to the local share price indicates the company is confident that its US stock will meet a positive reception – even after days of wild swings in its share price in its home market – and reflects a desire not to leave too much money on the table. Ahead of the pricing, Dilin Wu, research strategist at Pepperstone, told AFP the listing was “a huge development that should broaden the capital base for the memory sector”.SK Hynix is already traded on Seoul’s Kospi index, where its market capitalisation soared past US$1 trillion in May.The milestone was also recently hit by Samsung and US chipmaker Micron - with the AI boom thrusting the three semiconductor firms into a previously exclusive club of around a dozen companies, nearly all American.Samsung, SK Hynix and Micron dominate the global market for the advanced components known as high-bandwidth memory (HBM), used in AI servers alongside other data-crunching semiconductors.But as chipmakers plough resources into lucrative HBM, shortages of the less flashy memory chips in everyday consumer electronics are pushing up prices, with Apple hiking the cost of its MacBooks and iPads.Counterpoint Research analyst MS Hwang said SK Hynix wants to triumph over Samsung in the red-hot memory chip market.“Along with the HBM leadership it has demonstrated until recently, the company is now planning to take the lead in terms of volume as well,” Hwang told AFP.“The use of funds from its US listing can support such a goal,” Hwang said.The AI chip boom has fuelled debate over what South Korea should do with the tax windfall, as well as workers’ demands over pay packages -- with Samsung averting a strike by agreeing a deal on bonuses.An image of an SK Hynix jacket also went viral online in 2026 as a symbol of wealth and success, with parody posts depicting it as a “golden ticket” to luxury boutiques or better dating prospects.SK Hynix has said proceeds from the offering will be used to fund new chip factories to ease shortages.The company, along with Samsung, is involved in a massive public-private investment of 800 trillion won to build a new semiconductor fabrication hub in southwest South Korea.SK Hynix is set to begin when-issued trading on July 10 on the Nasdaq Global Select Market under the symbol SKHYV, which will change to SKHY when they begin regular-way trading July 13. AFP, BLOOMBERG