SK Hynix Raises $26.5 Billion Through ADR Issuance, Becoming Third-Largest IPO in U.S. History

CoinFeed July 10 news, according to Bloomberg, SK Hynix raised $26.5 billion through an American Depositary Receipt (ADR) issuance, becoming the largest-ever initial stock offering by a foreign company in the United States. The company sold 177.9 million ADRs at $149 per ADR, with each ADR representing one-tenth of an ordinary share traded in Seoul. According to Bloomberg data, the size of this offering exceeded Alibaba Group's U.S. listing, making it the third-largest IPO in history. The offering was oversubscribed by more than 7 times, with total demand nearing $200 billion, and nearly half of the ADRs were subscribed by the top ten order accounts. Institutions such as Baillie Gifford and Coatue Management expressed interest in subscribing up to $7 billion in ADRs. The offering price was priced at a premium of about 3% over the closing price of the Korean ordinary shares, with management fully involved in the allocation.