South Korean pc chip maker SK Hynix has raised $26.5bn (£19.8bn) in its New York share providing, marking the most important ever itemizing by a overseas agency within the US.
The corporate, a key provider to synthetic intelligence (AI) chip large Nvidia, mentioned on Thursday that it had bought 177.9 million American depositary shares for $149 every. The shares are set to start buying and selling on Friday on the Nasdaq.
In Might, SK Hynix noticed its market worth prime $1tn in its house nation, lifted by the growth in demand for AI chips.
Its share value has greater than tripled in South Korea this yr, which together with Samsung Electronics has helped increase the benchmark Kospi index by greater than 70% over the identical interval.
The providing offers US buyers a manner to purchase SK Hynix shares with out having to commerce by way of an abroad inventory alternate.
This provides the corporate simpler entry to the massive quantities of potential funding from the world’s greatest economic system.
The corporate is without doubt one of the world’s greatest producers of superior reminiscence chips utilized in AI infrastucture similar to information centres.
Demand for the providing was reportedly over seven instances greater than the variety of shares accessible, highlighting the robust investor urge for food for a key firm within the AI provide chain.
