SK Hynix prices US depository receipts at $149, raises $26.5B
Business
SK Hynix, the South Korean chip giant, just pulled off a massive $26.5 billion US listing by pricing depository receipts at $149 each, a bit higher than its recent average in Seoul.
This move brought in nearly $260 million in fees for Wall Street banks, showing just how valuable these global deals can be.
Citigroup earned over $70 million, outpacing rivals
Citigroup came out on top, earning over $70 million, about 20% more than its rivals like Bank of America, Goldman Sachs, and JPMorgan.
For context, this deal was even more profitable for banks as a percentage of deal size than SpaceX's blockbuster IPO last month.
All four banks teamed up to make this listing happen, but kept quiet when asked about their earnings.