The IPO Buzz: SK Hynix of South Korea Prices Deal at $149 – Biggest ADS Deal in History

SK Hynix (SKHYV) (SKHY) made Wall Street history by pricing its NASDAQ Uplisting deal at $149.00 per American Depositary Share (ADS) tonight to become the largest ADS offering ever done. The South Korean company priced 177.9 million ADS at $149.00 each to raise $26.51 billion.

The U.S. public offering’s timing was good, considering that the deal was done when investors’ interest was strong in AI-related deals and data centers.

At pricing, SK Hynix took the crown away from Alibaba, which raised $25 billion in 2014, to become the largest ADS deal ever done, as Barron’s noted.

The stock will start trading on NASDAQ tomorrow under the when-issued symbol “SKHYV” – and on Monday, SK Hynix shares will trade under the “SKHY” symbol – all  on NASDAQ.

BofA Securities, Citigroup, Goldman Sachs and J.P. Morgan were the global coordinators of the SK Hynix offering of ADS as part of its NASDAQ Uplisting.

 The memory-products maker’s ordinary shares trade in South Korea under the symbol “000660” on the KRX Kospi Market. The IPO price represented a premium of 3 percent above the US$144.50 closing price of SK Hynix’s ordinary shares on the KRX Kospi Market earlier today.

Up to $7 Billion in Cornerstone Orders

The number “seven” got a workout on this deal.

SK Hynix’s U.S. public offering was said to be at least seven times oversubscribed.

And the three cornerstone investors were in for for up $7 billion of the ADS: Baillie Gifford Overseas Limited, Coatue Management and Situational Awareness Partners had indicated an interest in buying up to $7 billion of the ADS at the U.S. public offering price, according to the prospectus.

Shake Your Memory Maker

SK Hynix competes with Samsung and Micron.

 In the prospectus, SK Hynix said:“In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% (percent) in the first quarter of 2026, according to IDC. In addition, we were the second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% (percent) in the first quarter of 2026, according to IDC. (Note: HBM stands for high band-width.)

“Our memory products can be used in virtually all electronic devices, including graphics cards, personal computers (“PCs”), data center servers, mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic Inc. (“SK hynix system ic”) and SK keyfoundry Inc. (“SK keyfoundry”), our wholly-owned subsidiaries.”

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Source: https://www.iposcoop.com/the-ipo-buzz-sk-hynix-of-south-korea-prices-deal-at-149-biggest-ads-deal-in-history/