SK hynix prices its mega US listing at $149 per share

Chipmaker SK hynix Inc. said Friday it will raise about 40 trillion won ($26.5 billion) through the listing of its American depositary receipts (ADRs) on the Nasdaq, marking what would be the world's second-largest equity offering after SpaceX.

The offering consists of 177.9 million ADRs priced at $149 each, according to a regulatory filing.

Each ADR represents one-tenth of a Seoul-listed common share.

The offering is expected to raise $26.51 billion (about 40 trillion won), based on the sale of ADRs backed by 22.5 million common shares.

The fundraising target was revised down from the previously announced 43 trillion won.

ADRs are negotiable certificates issued by U.S. depositary banks that represent shares in foreign companies, allowing overseas firms to access U.S. capital markets without directly listing their common stock on a U.S. exchange.

The listing is expected to become the largest-ever U.S. equity debut by a foreign company, surpassing the $21.8 billion raised by Chinese technology giant Alibaba in its New York initial public offering (IPO).

It would also rank as the world's se ...