The Korean tech giant is staying put on the Korea Exchange while rival SK Hynix eyes a massive Nasdaq debut worth roughly $29 billion
Samsung Electronics denied a report that it was exploring a potential US listing through American Depositary Receipts.
“Samsung Electronics is not reviewing the possibility of issuing American Depositary Receipts,” a company spokesperson said Tuesday.
Bloomberg had reported earlier in the day that Samsung held preliminary discussions with banks about a possible ADR offering, citing people familiar with the matter.
ADRs allow shares of foreign companies to trade on US exchanges through depositary institutions.
Samsung previously examined a possible ADR offering but ultimately decided not to proceed. Bloomberg reported that SK Hynix’s recent Nasdaq listing had given Samsung new motivation to reconsider the option.
SK Hynix priced its ADRs at $149 last week, raising approximately $26.5 billion in the largest US listing by a foreign company. Its US listed shares gained about 20% on Tuesday, trading near $183 after falling sharply during the previous session.
Samsung shares closed 3.3% higher at 263,000 won on the Korea Exchange. The stock remains nearly 30% below its all time high of 374,500 won reached on June 19.
