SK Hynix closes up 13% on its first day on Nasdaq
SK Hynix ADR listing shows strength, closes up 13.1% on its first day on Nasdaq Market cap estimated at $1.2 trillion... Check the trend after the conversion to SKHY as well
SK Hynix entered Nasdaq through the listing of American Depositary Receipts (ADRs), starting strong on its first trading day and closing higher. After trading began on the local time 10th, the stock at one point rose to $177 during the session and closed at $168.49.
This closing price is about 13.1% higher than the ADR offering price. When converted into Korean won, it is also about 16% higher than the previous day's closing price in the Korean market.
The article reported that, based on this closing price, SK Hynix's market capitalization would be estimated at around $120 billion if calculated simply. This ADR listing totals $26.5 billion, and is regarded as one of the largestever listings in the U.S. market. Trading on the first day took place under the temporary ticker SKHYV, and trading under the official ticker SKHY will continue from the 13th.