South Korea's SK Hynix raises $26.5bn in record-breaking US IPO

SK Hynix raised $26.5 billion in a record-breaking US IPO ahead of its Wall Street debut, as demand for semiconductor chips surges on the back of the AI boom. The South Korean memory-chip maker said it sold 177.9 million American depositary shares at $149 each for listing on Nasdaq in New York. The company noted the offering marked the largest-ever US listing by a foreign firm, surpassing Alibaba’s $25 billion debut in 2014, and ranked as the second-largest globally behind SpaceX’s $85.7 billion Nasdaq listing in June. Media reporting cited by the article says the deal was more than seven times oversubscribed. SK Hynix recorded record profits, with first-quarter net income of 40.34 trillion won ($26.6 billion), and shares have risen about 229% since the start of the year.