New Delhi [India], July 13 (ANI): SK Hynix’s US-listed shares fell on Monday after a strong Nasdaq debut, falling nearly 8 per cent in regular trading as investors booked profits after the South Korean memory chipmaker’s record overseas listing.
According to Nasdaq market data, SK Hynix American Depositary Receipts (ADRs), trading under the ticker SKHY, were quoted at around USD 157.28 during Monday’s session, down nearly 8 per cent from Friday’s closing price of USD 168.01. The ADRs had debuted on Nasdaq on Friday after being priced at USD 149 apiece, opened at USD 170, and ended their first trading session at USD 168.01, a gain of about 12.8 per cent over the offer price.
The pullback still leaves the stock above its IPO price, although it erased a significant portion of the first-day rally.
Nasdaq data showed the ADR traded in a range of about USD 152.37 to USD 162.28 during Monday’s session, after touching an intraday high above USD 170 on its debut. The stock was last quoted around USD 157.28, valuing the company at about KRW 1,314.9 trillion (around USD 945 billion).
The decline came after SK Hynix completed one of the largest overseas equity offerings by an Asian company, raising more than USD 26 billion through its ADR issue before making a strong Nasdaq debut. The company began regular-way trading on Nasdaq on Monday under the ticker SKHY, after initially trading on a when-issued basis under SKHYV following Friday’s listing.
The move also came as investors turned cautious across AI-linked semiconductor stocks on Nasdaq following a sharp rally in the sector this year.
SK Hynix is the world’s leading supplier of high-bandwidth memory (HBM) chips used in AI accelerators and counts Nvidia among its key customers. Its Nasdaq listing is expected to broaden access for global investors seeking exposure to AI memory-chip makers. (ANI)
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