SK Hynix ADRs to start US trading at $180 Friday
SK Hynix, the big name in South Korean chips, is set to begin trading in the US later Friday and its ADRs were indicated to open at $180, up 21% from the offering price of $149, ahead of their when-issued trading debut.
CEO Kwak Noh-Jung called the moment "historic" at the Nasdaq opening bell, pointing out how its high-bandwidth memory tech is powering today's AI boom.
Offering oversubscribed more than 7 times
Investor demand was huge: the offering was oversubscribed more than seven times, with major players like Baillie Gifford, Coatue Management, and Situational Awareness Partners collectively allocated about $5 billion in shares.
SK Hynix says it will use this cash to ramp up production and buy advanced chip-making tools.
Even after some recent dips back home, its stock is still up 235% this year thanks to all the excitement around AI chips.
Regular trading for its US shares (SKHY) starts July 13.