SK Hynix raises $26.5B in largest foreign IPO in US history

South Korean memory chip manufacturer SK Hynix announced Friday it has raised $26.5 billion (approximately KRW 40 trillion) in its US market debut. The company's offering makes it the largest foreign-ever IPO in US history, surpassing Alibaba's $25 billion debut in 2014.

SK Hynix sold 177.9 million American depositary shares (ADRs) at $149 each in its Nasdaq listing. This structure allows US investors to participate in the company's stock at a significantly lower price point compared to its Seoul listing.

The timing of the listing coincides with a significant boom in the artificial intelligence sector, driving demand for memory chips. This has also led to increased scrutiny from the US government, which has urged foreign chipmakers to bolster domestic production.

While the company has not announced immediate plans for new US factories, focusing instead on expanding existing Asian facilities, government officials have continued to encourage both SK Hynix and competitor Samsung to consider establishing manufacturing operations within the United States.