SK Hynix ADR Closes at $143.02, Down 4% from $149 IPO Price
SK Hynix’s American depositary receipts fell below their offering price on Monday, closing at $143.02, down 4% from the $149 IPO price. The stock hit an intraday low of $139.01, a drop of 10%. The South Korean memory chip maker joins SpaceX as another large US IPO this year to trade below its issue price.
SK Hynix’s American depositary receipts (ADRs) declined, falling below the issue price. The ADRs were issued on July 9 at $149 each and closed Monday at $143.02, 4% below the offering price. During the session, they fell as much as 10% to an intraday low of $139.01.
SK Hynix, a South Korean memory chip manufacturer, completed a $26.5 billion listing earlier this month. The company joins Elon Musk’s SpaceX as another large US IPO this year to trade below its issue price.