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SK Hynix's Nasdaq Listing Raises Record $26.5 Billion

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South Korean chipmaker SK Hynix (KRX:000660) raised about $26.5 billion from its initial public offering on the Nasdaq, marking the largest-ever US listing by an overseas firm.

The chipmaker began offering about 177.9 million American depositary shares priced at $149 per ADS, according to a prospectus filed Monday.

The ADRs are set to debut on Friday, July 10.

Bank of America, JPMorgan, Citi, and Goldman Sachs are leading the offering.

The chipmaker plans to use the proceeds to boost its chip production capacity, including building new chip fabrication plants in South Korea and buying advanced extreme ultraviolet (EUV) lithography machines.

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