South Korean chipmaker SK Hynix raised $26.5 billion in its Nasdaq debut, marking the largever-ever US listing by a foreign company. The sale of 177.9 million American depositary shares at $149 each began trading Friday under the ticker 'SKHY' after the offering drew demand more than seven times the shares available.
The blockbuster deal generated a windfall for Wall Street. Global banks and brokerages earned nearly $260 million in advisory fees, representing roughly 0.97% of total proceeds, with Citigroup alone collecting more than $70 million. BofA Securities, Citigroup, Goldman Sachs, and J.P. Morgan served as lead coordinators on the transaction.
SK Hynix, which posted 40.34 trillion won in first-quarter net income, plans to channel the proceeds into a new fabrication hub in Yongin and an advanced packaging facility in Cheongju. Shares on Seoul's Kospi rose 2.7% following the pricing announcement.