SK Hynix ADR Falls Below IPO Price to Record Low After US Listing

SK Hynix Inc.'s American depositary receipts fell to a record low this month after their large US listing, dropping below the initial offering price.

According to Bloomberg, the ADRs slid as much as 10% intraday on July 27, touching $139.01. That was well below the $149 offering price set when trading began on July 9.

The ADRs closed at $143.02 the previous day, about 4% below the IPO price.

The drop came amid continued selling in US semiconductor stocks. A major semiconductor index has also extended its recent decline, falling to its lowest level since May 19.

SK Hynix joined Elon Musk's SpaceX among this year's major US listings now trading below their offering prices.

Separately, Nvidia said it and SK Hynix would build more than 2 gigawatts of artificial intelligence data center capacity on the Korean Peninsula. Nvidia said the first "AI factory," to be built by SK Telecom Co., is scheduled to open next year.