SK hynix Sets U.S. ADR Offering Price at $149

[Financial News, New York = Lee Byung-chul, correspondent]SK hynix has finalized the offering price for its initial public offering on Nasdaq at $149 per share. Backed by its leadership in the artificial intelligence (AI) memory market, the company has succeeded in attracting large-scale funding from global investors and is now close to making its U.S. market debut. The offering is being viewed as one of the largest ever for a foreign company listing in the United States.
SK hynix said on the 9th local time that it will offer 177.9 million American Depositary Shares (ADSs) at $149 each. One ADS represents one-tenth of one common share of SK hynix.
SK hynix ADSs will begin "when-issued" trading on Nasdaq Global Select Market under the ticker symbol "SKHYV" on the 10th. Regular trading will then begin on the 13th under the ticker symbol "SKHY." The offering process is scheduled to be completed on the 14th.
The lead underwriters for the listing are BofA Securities, Citigroup, Goldman Sachs, and JPMorgan Chase. Mizuho, RBC Capital Markets, Stifel, and Wedbush Securities also joined as co-managers.
SK hynix plans to use the proceeds from the offering to expand production capacity for high-bandwidth memory (HBM) for AI, as well as to invest in new semiconductor manufacturing facilities and advanced equipment.
The company said the securities registration statement related to the offering has received effectiveness approval from the SEC, and that investor solicitation will be conducted only through the final prospectus.

pride@fnnews.com Lee Byung-chul, correspondent Reporter