The shares of the South Korean microchip manufacturer SK Hynix have begun their journey on the New York Stock Exchange with a rebound of 14% in early trading in the United States, standing at around 170 dollars compared to the 149 dollars set for its stock market debut.
On its market debut, SK Hynix has managed to raise 26,507 million dollars (23,186 million euros) after setting a price of 149 dollars for each of the 177.9 million American Depositary Shares (ADS), which have begun trading on the Nasdaq Global Select Market under the symbol "SKHY".
The shares of the South Korean firm had risen by up to 17%, exceeding 173 dollars shortly after the start of the session, although the rise later moderated and the price returned to levels close to 170 dollars.
This operation has become the largest stock market debut of a foreign company in the United States and the second largest IPO in history, surpassing Saudi Aramco's 25,600 million dollars (22,393 million euros). SK Hynix's placement takes place just one month after SpaceX carried out the largest stock market debut recorded to date, raising 85,700 million dollars (74,963 million euros).
The chairman of the SK group, Chey Tae-won, explained that the company plans to significantly increase its investment in the North American country, which currently amounts to 35,000 million dollars (30,600 million euros). "My plan contemplates a much larger figure, much, much larger than 35,000 million dollars," he stated in declarations to the Bloomberg agency.
As part of this investment program, SK, the parent company of SK Hynix, already participates in a battery plant and has committed resources to a new semiconductor packaging factory in the state of Indiana.
Likewise, Chey has left the door open to making new share issuances in the US market if the appropriate conditions of profitability and valuation arise. "Once we achieve greater profitability, there will be more demand. The first thing we must do is keep the stock price stable and, hopefully, in the long term, we can take advantage of the growth potential," he pointed out.