SK Hynix raises $26.5B in the biggest foreign IPO in US history, is urged to build new US fabs

SK Hynix raised $26.5 billion through an initial public offering of American depositary shares, making it the largest foreign IPO in US history according to the company and underwriters. The South Korean memory chip manufacturer sold 41.8 million shares at $633.77 per share on the Nasdaq, with proceeds going toward capital expenditures and research and development. Following the offering, US officials including Commerce Secretary urged SK Hynix and Samsung to construct manufacturing facilities in the United States. SK Hynix has existing operations in the US and has announced plans for a semiconductor research facility in Indiana.

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