South Korean memory chipmaker SK hynix has completed the largest public listing by a foreign company in US market history. The company raised $26.5 billion in one of the world's biggest ever stock sales, eclipsing Alibaba's 2014 IPO.
The company priced its American Depository Receipts at $149 per share before debuting on the Nasdaq index. Shares opened at $170 and closed at $168.01, soaring 13% on their first day of trading. This strategic move allowed the firm to tap into the immense enthusiasm for artificial intelligence-related stocks.
The listing comes as SK hynix sees profits skyrocket due to the global race to build AI datacentres, with demand for its chips currently outpacing its ability to produce them. By serving major technology names including Nvidia and Apple, the company has soared to a trillion-dollar market cap.
This Wall Street debut marks a significant rebound for the semiconductor giant, which was once on the edge of financial ruin. The successful launch serves as a further test of investor demand for companies tied to the artificial intelligence boom.