SK Hynix just pulled off the largest first-time US share sale by a foreign company in history. And now the South Korean memory chipmaker is saying it might come back for seconds.
The biggest foreign listing ever, and it wasn’t even close
SK Hynix priced 177.9 million American Depositary Receipts at $149 each, raising approximately $26.5 billion. To put that in perspective, this surpassed Alibaba’s $25 billion IPO in 2014, which had held the record for over a decade.
The demand was staggering. The offering was oversubscribed more than seven times over, meaning institutional investors were practically elbowing each other to get allocation.
Trading began on Nasdaq on July 10 under the ticker SKHY. The stock’s Korean shares tell an even more dramatic story: up roughly 174% in six months and over 600% in the past year.
