South Korean memory chip maker SK Hynix has raised $26.5 billion through its U.S. depositary receipt offering, marking the third-largest IPO in U.S. history. The company issued 177.9 million ADRs at $149 each, surpassing Alibaba's previous record. The offering price was approximately 3% higher than the closing price of its Seoul shares, and the IPO was oversubscribed by more than seven times, with demand nearing $200 billion. SK Hynix, which holds a 57% share of the global HBM market, is capitalizing on the current AI infrastructure investment boom. The company is also set to participate in a South Korean government-led investment plan worth $880 billion alongside Samsung Electronics. The ADRs are scheduled to begin regular trading on July 13.