Giant Taegeukgi Lights Up Manhattan as SK hynix Receives Surprise Celebration Ahead of U.S. Listing

Taegeukgi Lighting Shines Atop JP Morgan Headquarters
Successful ADR Offering Raises $26.5 Billion

A giant Taegeukgi, the South Korean national flag, lit up the night sky over Manhattan, New York. On the eve of SK hynix's debut on the U.S. stock market, JP Morgan, the lead underwriter, illuminated the top of its headquarters building with the Taegeuk symbol.

The Taegeukgi flag lights are illuminated at the top of the JP Morgan Chase headquarters building at 270 Park Avenue, Manhattan, New York, USA. Photo by Yonhap News Agency

According to industry sources on July 10, the lighting shaped like the Taegeukgi was turned on at the top of the '270 Park Avenue' building in Manhattan, New York, on the afternoon of July 9 (local time).

This building, standing at 423 meters tall, is the sixth tallest skyscraper in New York and serves as the headquarters for JP Morgan, the largest bank in the United States.

JP Morgan, along with BofA Securities, Citigroup, and Goldman Sachs, served as one of the lead underwriters for SK hynix’s American Depositary Receipt (ADR) offering. The Taegeukgi lighting was reportedly arranged to celebrate the successful offering and to welcome SK hynix's entry into the U.S. stock market ahead of its official listing.

SK hynix ADRs received orders exceeding seven times the offering volume during the institutional investor book-building process. The final offering price was set at $149 per share, and a total of 177.9 million ADRs will be issued, raising approximately $26.5 billion (about 40 trillion won).

This surpasses the approximately $25 billion raised by Alibaba through its U.S. IPO in 2014, making it the largest U.S. IPO by a foreign company to date. Among all U.S. IPOs, it ranks second only to SpaceX's $85.7 billion listing.

SK hynix plans to use the funds raised from this offering for the construction of the first phase of the semiconductor cluster fab in Yongin, the Cheongju P&T7 advanced packaging fab, and the introduction of extreme ultraviolet (EUV) lithography equipment.

The SK hynix ADRs will begin conditional trading on Nasdaq under the ticker symbol 'SKHYV' on July 10 (local time). Starting July 13, they are scheduled to trade under their regular ticker symbol, 'SKHY'.

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