South Korean chip maker SK Hynix has raised $26.5bn (£19.8bn) through a share offering in New York, the largest ever US listing by a foreign company. As a key supplier to Nvidia and one of the world's biggest manufacturers of the advanced memory chips used in AI infrastructure, the move gives the firm easier access to investment from the world's largest economy and lets US investors buy its shares without trading via an overseas exchange.

The company sold 177.9 million American depositary shares at $149 each, with trading due to begin on Friday on the Nasdaq. Demand was reportedly more than seven times the number of shares available, underlining strong investor appetite. SK Hynix's market value topped $1tn at home in May, and its share price has more than tripled in South Korea this year, helping lift the benchmark Kospi index by more than 70% alongside Samsung Electronics.