SK hynix successfully raised $26.5 billion through American depositary receipts on Nasdaq, marking the largest equity offering by a foreign company in U.S. market history.
SK hynix debuted its ADRs on Nasdaq last week at a 2.9 percent premium to its Seoul share price. Demand exceeded supply by more than seven times.
The proceeds will fund semiconductor projects including the Yongin cluster and advanced packaging facilities in Cheongju. The company leads in high-bandwidth memory for AI applications.
The capital inflow is expected to support Korea's foreign exchange market stability. Most funds will be invested domestically.
Yet the choice of New York over Seoul for such a large raise highlights limits in Korea's capital markets. Wall Street banks earned about $140 million in underwriting fees.
