SK Hynix completed the largest ever US market debut by a foreign company, raising $26.5 billion by selling 177.9...

SK Hynix completed the largest ever US market debut by a foreign company, raising $26.5 billion by selling 177.9 million ADRs at $149 each. The offering was more than 7x oversubscribed, signaling exceptionally strong investor demand for AI-related memory exposure. The ADRs began trading on the Nasdaq under ticker SKHY on July 10, 2026. The proceeds will fund new manufacturing facilities and equipment to meet AI-driven HBM demand. Multiple sources confirm the pricing and oversubscription (Bloomberg, FT, CNBC, Reuters via Economic Times). The listing is expected to narrow the 'Korea discount' by improving access for US investors and subjecting SK Hynix to Nasdaq governance standards. Analysts note SK Hynix trades at a forward P/E of ~5.5x vs. Micron's 6.6x, implying room for multiple expansion. The IPO also coincides with Micron's $250B US plant investment and CXMT's Chinese DRAM IPO, underscoring the memory sector's capital intensity. While SK Hynix shares have corrected 25% from June peak, the IPO provides a liquidity event and strategic capital for capacity expansion.

What the sources said:

• Bloomberg: 'SK Hynix raised $26.5 billion in its American depositary receipt offering, as the South Korean memory chipmaker powered through volatility' (Source 5).
• CNBC: 'The roughly $26.5 billion offering is expected to rank among the largest ever' and 'The IPO was more than 7x oversubscribed' (Source 15).
• FT: 'SK Hynix raises $26.5bn in US market debut' (Source 13).
• Reuters via Economic Times: 'Investor demand for the offering was robust, with the share sale reportedly attracting orders worth more than seven times the available shares' (Source 20).