SK Hynix Inc. is reportedly set to price its U.S. listing of American depositary receipts at $149 per ADR, valuing the offering at approximately $26.5 billion. This figure is slightly lower than an earlier estimate of $29.4 billion, which anticipated a $166 per ADR price. The company plans to finalize the offering price on Thursday, with trading expected to commence on Friday.

This offering comes amid volatility in SK Hynix shares on the Korea Exchange, where they closed at 2.186 million won ($1,445) per share. The proposed ADR price represents a roughly 3.1% premium over its South Korean closing price. Market commentator Jim Cramer expressed caution regarding the deal's heavy oversubscription, suggesting it could be a "dangerous game" and hoping for a modest discount to maintain deal stability.

HSBC analysts believe a Nasdaq listing could boost SK Hynix's valuation by up to 20%, narrowing its gap with rival Micron Technology. The proceeds from the offering are earmarked for new production facilities in South Korea and the acquisition of advanced semiconductor manufacturing equipment. The semiconductor sector has seen substantial gains, with the Roundhill Memory ETF and iShares Semiconductor ETF both up over 140% in the past year.