BlockBeats News, July 10th. South Korean semiconductor company SK Hynix completed an American Depositary Receipt (ADR) offering in the U.S., raising $26.5 billion, setting a new record for the largest foreign company IPO in the U.S. and becoming the third-largest IPO in global securities history.

In this offering, SK Hynix issued a total of 1.779 billion ADRs priced at $149 per ADR, with each ADR equivalent to one-tenth of its common stock traded on the Korean stock exchange. The final offering price carried a premium of approximately 3% over the closing price in Korea. According to the arrangement, SK Hynix's ADRs will commence trading on the Nasdaq Global Select Market under the temporary code "SKHYV" on Friday, with plans to transition to the permanent code "SKHY" for regular trading on July 13th.

The offering was led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan, with participation from 9 other companies. Market feedback indicates that the offering was oversubscribed more than 7 times, with total intended subscriptions nearing $200 billion. Asset management firms such as Baillie Gifford, Coatue Management, and Situational Awareness Partners participated in the subscription. The top ten orders accounted for nearly half of the shares.

SK Hynix aims to narrow the valuation gap with its U.S. peers such as Micron Technology by listing on the U.S. stock market and leverage the overseas capital premium to enhance its corporate value. As a key supplier of High Bandwidth Memory (HBM) to NVIDIA, SK Hynix already holds a significant share in this sector. Meanwhile, U.S. Commerce Secretary Howard Lutnick stated that he is in discussions with Samsung Electronics and SK Hynix, urging the two South Korean memory chip manufacturers to increase their production capacity in the U.S. to strengthen the resilience of the U.S. domestic chip supply chain.