SK Hynix Breaks Record With 26.5 Billion Dollar US Debut
South Korean chip company SK Hynix raised $26.5 billion in the US. This is the biggest first-time share sale by a foreign company in US history.
It beats Saudi Aramco's previous record of $25.6 billion. The shares are priced at $149 each.
They will trade on Nasdaq under the name SKHY starting July 13. Investors wanted the shares seven times more than were available.
SK Hynix plans to use the money to build more factories. This includes new facilities for AI memory chips. The sale may also encourage more Asian companies to list shares in the US.
Klear Note — SK Hynix is a major South Korean memory chip maker. Memory chips power computers, phones, and AI systems worldwide.
Key Terms 4
- share sale When a company sells ownership pieces to raise money
- Nasdaq A major US stock market where tech companies often trade
- AI memory chips Special computer chips that store data for artificial intelligence systems
- oversubscribed More investors wanted shares than were available to buy