SK Hynix stock rose on Thursday ahead of the South Korean company's listing of American depositary receipts.

The shares closed up 5.3% at 2.186 million won, or about $1,445, on Thursday.

The memory giant is launching an ADR listing on the Nasdaq under the ticker symbol SKHY on Friday. The underwriters are offering 177.9 million new shares and pricing will be announced later on Thursday with allocations given later in the day.

Ten ADRs will represent one local South Korean share, giving an implied dollar price per ADR of around $144.50. However, the ADRs might be priced at a discount to incentivize purchases. The U.S. listing is seven times oversubscribed, according to Bloomberg.

If the ADRs were priced in line with SK Hynix's Thursday close in South Korea, the company would raise around $25.71 billion. That would make it the largest-ever ADR offering, narrowly outstripping Alibaba which raised $25 billion when it listed in the U.S. in 2014.

The U.S. listing will introduce another option for American investors to back the memory-chip boom aside from Micron Technology, which was rising 3.4% in the premarket.

(END) Dow Jones Newswires