Say congratulations to SK Hynix, which now boasts the largest-ever American debut for a foreign company.

Two decades on from going bankrupt (more or less) and trading for pennies, the company sold nearly 178 million ADRs for $149 each, raising $26.5 billion in the process. The offering was more than seven times oversubscribed, reports suggested. So, indicative demand was ~$200 billion, give or take.

The deal caps a dramatic stretch for SK Hynix, whose shares rose more than 1,650% from last year’s lows to this year’s peak, vaulting the company into the ranks of the world’s most valuable enterprises. (And to think, Micron nearly bought the company in 2002. Shoulda, woulda, coulda.)

10 investors — long-onlys, tech-focused funds and SWFs — took half the deal, and the top 25 around two-thirds between them. A trio of anchor investors were given $5 billion in ADRs each, less than the $7 billion max they requested. All in all, around 500 institutional investors participated.

As discussed here on June 24, when SK Hynix first tipped plans for a US listing, this is opportunism at its finest: In addition to (and because of) its status as the dominant member of the HBM oligopoly, SK Hynix is among the most talked about companies on the planet. You gotta strike while the iron’s hot and there’s no time like the present, to mix proverbs.

Each ADR’s equivalent to a tenth of a share of common, and the units’ price suggests they’ll trade around ~3% rich to their home-market equivalent price out of the gate. The implied premium’s considered modest. Outsized demand for the offering plainly suggests international investors are more than happy to pay up to “get clean, direct exposure to the company’s HBM monopoly,” as Bloomberg put it Friday, quoting a special situations firm.

Speaking of “special situations,” the proliferation of leveraged ETFs referencing SK Hynix’s local shares has turned the stock into an unruly beast, where the tail increasingly wags the dog. That’s a complicating factor for RV trades. In a testament to how challenging the arbitrage endeavor might ultimately prove, estimates for the above-mentioned premium ran the gamut from 5% to 30% ahead of the offering.

In any event, if you’re not satisfied with the thrills and, more recently, the chills associated with the menu of readily-accessible semi bets on offer in the US, you can now ride this bucking bronco.

If you buy the ADRs and hold them, you’ll be doing your part to fund the company’s spending plans, and thereby shrink the supply-demand imbalance that’s pushing memory costs skyward. As Smokey the Bear might put it, “Only you can prevent additional Apple price hikes.”