SK Hynix, the South Korean memory-chip maker whose chips power AI data centres around the world, is listing on the Nasdaq this week. In one of the largest share sales in history, the company has completed a journey from near-bankruptcy to a trillion-dollar valuation, following a more than sevenfold rally in its stock price over the past year.
The American listing has been more than seven times oversubscribed, indicating heavy demand from global long-only funds and technology-focused investors. This represents one of the largest share sales Wall Street has fielded from a foreign company.
Despite recent volatility in the chipmaker's Korean shares, SK Hynix intends to price its offering of American depositary receipts at $149 per receipt. The company was due to price the offering on Thursday.