SK Hynix completes $26.5 billion ADR offering, setting a record for foreign IPOs in the United States

SK Hynix has completed the sale of American Depositary Receipts (ADRs), raising $26.5 billion, setting a record for the highest initial public offering of foreign companies in the United States. SK Hynix issued 177.9 million ADRs, priced at $149 per unit, at a premium of approximately 3% over the closing price in South Korea. SK Hynix ADR will begin trading on the NASDAQ Global Select Market on Friday under the temporary code SKHYV, and will transition to the official code SKHY on July 13th. This issuance is led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, and has received over 7 times oversubscription, with a total subscription intention of nearly $200 billion. US Secretary of Commerce Howard Lutnik is in communication with Samsung Electronics and SK Hynix, requesting that the two Korean storage chip manufacturers increase their efforts to expand production in the United States.