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The day is finally upon us. South Korean memory titan SK Hynix is set to trade on U.S. exchanges under the American Depository Receipt or ADR route from July 10. Unsurprisingly, shares of the market leader in the high-demand DRAM memory products are also seeing their shares being in high demand ahead of their listing in the world's largest capital market.
According to a report from Bloomberg, the company's offering of 177.9 million ADRs will be valued at approximately $28 billion. With the reference price of 242,500 won ($160.56) per ADR, 10 ADRs will represent one ordinary share of SK Hynix. Management stated that the proceeds would primarily finance new fabrication facilities and advanced lithography equipment to expand AI-memory production. Notably, SK Hynix's would be the largest ever listing of a foreign company in US bourses, eclipsing the $25 billion capital raise of Chinese e-commerce giant Alibaba (BABA) in 2014.
