Nasdaq President Sees SK Hynix Listing Growing Foreign IPO Pipeline

Summary

Nasdaq President Nelson Griggs discusses the successful record-breaking SK Hynix ADR listing and how it is attracting interest from other foreign companies considering US listings. He notes that US capital markets are providing the best valuations for international firms, with strong momentum in both direct listings and ADRs. The conversation also touches on potential future listings, the pricing mechanics led by JPMorgan, and the branding benefits for companies listing in the US.

• SK Hynix ADR debuted with a 3% premium over Seoul shares and saw stable upward price action.
• JPMorgan acted as stabilization agent and achieved a well-balanced pricing.
• Foreign companies, particularly European startups and Asian firms with local listings, are increasingly looking to US markets for capital raising.
• Nasdaq's pipeline of international IPOs and ADRs has significant momentum.
• Chairman Cheong of SK Hynix noted the listing also serves to introduce the brand to US talent.
• Nelson Griggs declined to comment on potential interest from Samsung but noted that successful offerings open the eyes of other companies.
• Nasdaq is evaluating market demand for leveraged single-name ETFs but sees regulatory challenges.