SK Hynix jumps 13% on Nasdaq debut, valuation at $120 billion

SK Hynix made a notable entry on the Nasdaq on Friday. The stock of the South Korean memory chip maker closed up 13% from the IPO price of $149, after hitting a high of $177 during the session. The stock, listed under the ticker HX, now values the group at around $120 billion.

A highly anticipated IPO in a favorable market

SK Hynix's IPO, the largest in the semiconductor sector this year, comes amid strong demand for memory chips used in artificial intelligence. The group, which notably supplies NVIDIA, raised $4.7 billion, an amount above the initial range of $3.5 to $4 billion. The price of $149 was at the high end of the indicative range, a sign of investor appetite.

A test for Asian tech stocks in the United States

The success of this IPO could pave the way for other Asian companies in the sector. SK Hynix, the world's second-largest memory chip maker behind Samsung, already generates more than 60% of its revenue from US customers. The direct listing on the Nasdaq allows the group to get closer to its main buyers and benefit from a broader investor base, as demand for AI components shows no signs of slowing down.