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SK Hynix made a strong debut on the Nasdaq on Friday, with its American Depositary Receipt (ADR) shares closing 12.8% higher at $168.01 after completing a record-breaking $26.5 billion U.S. initial public offering (IPO), the largest ever by a foreign company.
The ADRs finished well above the $149 offering price and traded at roughly a 17% premium to the company’s Seoul-listed shares, reflecting restrictions on converting South Korean shares into U.S.-listed ADRs. The successful listing signals renewed investor confidence in major technology IPOs despite recent weakness across semiconductor stocks.
Although chip shares have pulled back amid concerns that spending on artificial intelligence (AI) infrastructure may slow, SK Hynix remains one of the biggest beneficiaries of the AI boom. Its stock has surged around 650% over the past year, driven by strong demand for high-bandwidth memory (HBM) chips used in AI servers.
David Morrison, Senior Market Analyst at Trade Nation, said investor interest in the company remained exceptionally strong, noting that the IPO was reportedly more than seven times oversubscribed. He added that SK Hynix has benefited from the global memory chip shortage and accelerating AI infrastructure investment.
The company raised $26.5 billion through the sale of ADRs, making it the second-largest U.S. share sale on record behind SpaceX’s IPO. The proceeds will support expansion of manufacturing capacity and the purchase of additional extreme ultraviolet (EUV) lithography machines to meet rising demand.
SK Hynix CEO Kwak Noh-jung warned that the global memory chip market could face its most severe supply shortage in 2027. He said customer demand is expected to exceed the company’s production capacity well beyond 2030 despite aggressive investment plans.
The Nasdaq listing also broadens SK Hynix’s access to global investors. Regulatory filings show that at least 10 fund managers, including Direxion and ProShares, have already applied to launch single-stock exchange-traded funds (ETFs) tied to SK Hynix shares.
The blockbuster IPO could encourage more Asian technology companies to pursue U.S. listings. Japan’s Kioxia Holdings is among the firms considering a similar move after its shares climbed more than 2,900% over the past year. Meanwhile, SK Hynix shares ended Friday’s trading session in Seoul up 2.2% ahead of the successful U.S. market debut.
