South Korean chip giant SK Hynix raises $26.5bn in US share sale
Summary
South Korean chip maker SK Hynix raised $26.5 billion by selling shares in the United States, making it the largest share sale by a foreign company in the US. The shares will start trading on the Nasdaq, giving American investors an easier way to buy into the company, which is a major supplier of memory chips used in AI technology.Key Facts
- SK Hynix sold 177.9 million American depositary shares at $149 each.
- This is the largest US share offering by a foreign firm ever.
- Shares will begin trading on the Nasdaq stock exchange.
- SK Hynix supplies memory chips to Nvidia, a leading AI chip company.
- The company’s market value surpassed $1 trillion in South Korea in May.
- Its share price in South Korea has more than tripled this year.
- The offering was highly popular, with demand over seven times the shares available.
- The sale helps SK Hynix access investment from the large US market.
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