The successful $26.5 billion American Depositary Receipt (ADR) listing of South Korean chipmaker SK Hynix has sparked a wave of interest from international companies looking to enter the U.S. equity market. According to Nasdaq President Nelson Grigg, the record-breaking offering, which saw a 13% share price gain on its first trading day, serves as a clear benchmark for foreign firms weighing U.S. market participation.
In a recent interview with Bloomberg TV, Grigg noted that the momentum is driven by both early-stage firms and established global corporations exploring ADR issuances. The SK Hynix listing, which priced shares at $149 under the guidance of lead underwriter JP Morgan, was unique in its strategic necessity to align valuation with U.S. competitor Micron rather than domestic peers. This pricing strategy has proven stable, further encouraging other foreign entities to consider similar paths to secure better market valuations.
Grigg confirmed that Nasdaq is currently in discussions with numerous international executives following a recent tour of Europe. While he declined to comment on speculation regarding other major players like Samsung Electronics, he emphasized that companies are increasingly looking toward the U.S. for capital raising. Market observers note that SK Hynix has registered a conversion limit of 1.78 billion ADRs with the U.S. Securities and Exchange Commission (SEC), leaving the door open for future follow-on issuances as the company assesses its long-term valuation needs.