SK HYNIX RAISES $26.5BN IN US NASDAQ LISTING

SK Hynix, a South Korean semiconductor manufacturer, set pricing for its US stock market debut on Friday, aiming to raise $26.5bn. The company planned to issue approximately 18 million shares on the Nasdaq index later that day through American depositary shares, with each share priced at $149.00. The offering was more than seven times oversubscribed, according to reports from US media sources. BofA Securities, Citigroup Global Markets, Goldman Sachs (Asia) and JP Morgan Securities led the offering.

SK Hynix supplies advanced memory chips to technology companies including Nvidia. The company's profitability has increased substantially during the global expansion of artificial intelligence datacentres. SK Hynix shares have risen more than 220 per cent in Seoul so far this year. The $26.5bn raised represents the second-largest initial public offering in recent years, exceeded only by SpaceX's $75bn listing last month, and surpasses Saudi Aramco's 2019 debut of $25.6bn and Alibaba's 2014 New York listing of $21.8bn.

Following the announcement, SK Hynix shares rose 2.7 per cent on Seoul's Kospi index. The listing occurs amid fluctuations in technology stocks, as investors weigh concerns about artificial intelligence valuations against confidence in the sector's growth trajectory. The completion of the offering was scheduled for later on Friday.