New Delhi, July 13 (ANI): Shares of SK Hynix fell on Monday after a strong debut on the Nasdaq, declining nearly 8% in regular trading as investors booked profits following the South Korean memory chipmaker’s record overseas listing.
According to Nasdaq market data, SK Hynix American Depositary Receipts (ADRs), trading under the ticker symbol SKHY, were quoted at around $157.28 during Monday’s session, down nearly 8% from Friday’s closing price of $168.01.
The ADRs debuted on Nasdaq on Friday after being priced at $149 per share. They opened at $170 and ended their first trading session at $168.01, marking a gain of about 12.8% over the offer price.
Despite Monday’s decline, the stock remained above its initial public offering price, although it erased a significant portion of its first-day gains.
Nasdaq data showed that the ADRs traded between approximately $152.37 and $162.28 during Monday’s session, after reaching an intraday high above $170 on debut.
The stock was last quoted at around $157.28, valuing the company at approximately 1,314.9 trillion Korean won (about $945 billion).
The decline came after SK Hynix completed one of the largest overseas equity offerings by an Asian company, raising more than $26 billion through its ADR issuance 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 came as investors adopted a more cautious approach toward artificial intelligence-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.
The Nasdaq listing is expected to expand access for global investors seeking exposure to companies involved in AI memory-chip technology. (ANI)
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