SK Hynix has raised about $26.5B (£19.9B) as it lists on the Nasdaq with a market value close to $1T (£750B), in one of the largest share sales US markets have recorded.
The South Korean memory-chip maker sold 177.9M American depositary receipts at $149 (£112) each, with 10 receipts equal to one Seoul-listed share. Institutional orders ran more than seven times the shares on offer. Bloomberg called the sale the largest ever US first-time share offering by a foreign company. Goldman Sachs, Citigroup, Bank of America, and JPMorgan managed the deal, which came in below an original target of roughly $29B (£21.8B) after a recent slide in Korean shares.
