SK Hynix Shares Jump 14% in Nasdaq Debut

SK Hynix (SKHY, SKHYV) was rallying 14% on Friday as the South Korean chipmaker listed its American depositary shares on the Nasdaq in what will likely be the second-largest share sale in the US. SK Hynix opened trade at $170 and moved as high as $177, having priced its initial public offering of 177.9 million ADS at $149 apiece. Its US-listed shares were last trading at $169.68 under the symbol SKHYV, up 14% from the IPO price. The shares will switch to the SKHY ticker beginning Monday. Each ADS represents one-tenth of a common share of SK Hynix. The IPO, which would raise $26.51 billion, is expected to close on Tuesday, the company said. Last month, Space Exploration Technologies (SPCX) raised a record $85.7 billion in its IPO. SK Hynix's customers include some of the major technology names, such as Nvidia (NVDA) and Apple (AAPL), CNBC reported. The IPO was more than seven times oversubscribed, Baillie Gifford, Coatue Management and Situational Awareness Partners received approximately $5 billion in SK Hynix's ADRs, $2 billion short of their indicated maximum demand, Bloomberg News reported. The company's revenue for the quarter ended March 31.