The South Korean semiconductor manufacturer SK Hynix informed investors that it plans to set the price of its listing in the United States at US$ 149 per American depositary receipt (ADR). The operation takes place while the company’s shares undergo adjustments following a strong rally tied to the growth of artificial intelligence.
The planned value represents a premium of approximately 3,1% compared with the closing price of the company’s shares on the Seoul Stock Exchange. Each ADR corresponds to one-tenth of an ordinary share of SK Hynix, according to documents previously submitted to the U.S. Securities and Exchange Commission (SEC).
With this price, the initial public offering (IPO) could raise about US$ 26,5 billion. The amount would make the South Korean chipmaker’s debut the largest initial public offering of a foreign company in the United States, surpassing Alibaba’s listing, which raised US$ 25 billion.
The debut happens during a period of adjustments for companies tied to the semiconductor and artificial intelligence sectors. SK Hynix’s shares closed on Thursday about 25% below the record reached at the end of June, although they remain more than three times higher than the value seen at the beginning of the year.
Other memory-segment companies, such as Micron, have also recorded recent fluctuations. Investors are assessing the pace of investments in AI infrastructure and the ability of manufacturers to meet rising demand for advanced components.
Despite market moves, demand for SK Hynix’s ADRs remains high. The offering of 177,9 million receipts, equivalent to 17,79 million ordinary shares, received demand more than seven times the available volume.
Among those interested are global long-term funds, technology-focused asset managers, sovereign funds, and investors with exposure to the Asian market. The company also received expressions of interest from institutions such as Baillie Gifford, Coatue Management and Situational Awareness Partners, with potential purchases of ADRs valued at up to US$ 7 billion.
The deal is coordinated by Bank of America, Citigroup, Goldman Sachs and JPMorgan, along with the participation of other financial institutions. The ADRs are expected to begin trading on the Nasdaq Global Select Market under the symbol SKHYV before the final adoption of the code SKHY.
The listing reinforces South Korea’s position in the chips market focused on artificial intelligence, especially in high-bandwidth memories used by advanced AI systems. SK Hynix and Samsung are also expected to expand investments within the plans of the South Korean government to develop the semiconductor and artificial intelligence technology sector.