SK Hynix ADRs Surge After Record $26.5 Billion US Offering

SK Hynix Inc.’s American depositary receipts surged above their offering price, after the South Korean memory chipmaker raised $26.5 billion in the largest-ever US listing by a foreign company.

The ADRs opened at $170 each on Friday in New York, versus an offering price of $149 apiece.

The successful mega-listing brushed aside concern over recent volatility among chipmakers, demonstrating investors have plenty of appetite for direct exposure to SK Hynix’s dominant position in high-bandwidth memory for artificial intelligence computing.

The ADRs are trading at a premium of about 17% over the closing price of the Seoul-listed common stock, due in part to restrictions on exchanging the South Korean stock for the US instruments.

We get reaction from Anthony Hughes, Bloomberg News US ECM Reporter. (Source: Bloomberg)