A South Korean memory chipmaker has made a significant debut on Wall Street. SK Hynix saw its shares rise by 12.8% as demand for memory chips increases due to interest in artificial intelligence.

The company's American depositary receipts were priced at $149 each and opened at $170. They closed at $168.01, raising $26.5 billion in proceeds. This makes it the largest initial share sale in the US by a foreign company.

Further details about SK Hynix and its debut on Wall Street are available from KPRC 2 / Click2Houston. The company is one of the largest in South Korea and its shares have more than tripled, despite a recent pullback in the Kospi index.