Overview
Nasdaq President Nelson Griggs said the recent SK Hynix Inc. listing is expected to encourage other overseas companies to consider U.S. capital‑market options such as initial public offerings or American depositary receipt (ADR) sales.
Deal specifics
SK Hynix’s ADRs began trading on Friday, rising almost 20 % in intraday activity above the offering price. The offering raised US$26.5 billion, making it the largest U.S. listing ever by a foreign issuer.
Market reaction and pricing
Griggs noted that foreign issuers fall into two groups – early‑stage firms with no prior listings and established companies that already trade locally but are evaluating ADRs. He said conversations about ADR‑type listings are increasing and both categories have strong momentum.
JPMorgan Chase & Co. was among the lead banks on the transaction and, according to Griggs, succeeded in striking a pricing balance that considered Micron Technology Inc. as the U.S. comparable. He described the price as “very nice” and said the shares are “very stable at the moment.”
Future fundraising outlook
SK Hynix Chairman Chey Tae‑won indicated he will monitor the stability of the ADRs before deciding on any further U.S. capital‑raising, suggesting that any additional fundraising would likely take the form of further ADR issuances rather than a traditional IPO.
Competitor comment
When asked about a possible U.S. listing by Samsung Electronics Co., Griggs declined to comment, stating Nasdaq does not discuss prospective deals until they become public.