South Korean memory-chip maker SK Hynix has raised $26.5 billion in a US share sale, according to the BBC, which reports that the shares are set to begin trading on the Nasdaq on Friday. The BBC describes the offering as the largest ever US debut by a foreign firm.
Reuters reports that the company priced its American depositary receipts (ADRs) at $149 to reach that $26.5 billion total. The figure is echoed across outlets including the Korea Economic Daily, which likewise called it the biggest US IPO by a foreign company, and Yahoo Finance, which dubbed the listing "blockbuster."
The move carries symbolic weight beyond its size. According to CNBC, SK Hynix's Wall Street debut serves as a major test of whether the company can shed what it calls the long-standing "Korea Discount" — the tendency for South Korean companies to trade at lower valuations than global peers. CNBC frames the Nasdaq listing as a chance to narrow that gap.
SK Hynix is a leading global chipmaker, and a US listing gives American investors more direct access to its stock alongside its existing listing at home.
Why it matters: a debut this large by a foreign company signals how central memory chips have become to the global economy, and its performance will be watched as a bellwether for whether South Korean tech firms can command the same investor confidence as their international rivals.