New Delhi, July 10 -- SEOUL - SK Hynix raised $28 billion on Thursday, pricing its American depositary receipts at the top of their indicated range and producing what ranks as the second-largest share sale in global history, eclipsing the Alibaba listing of 2014 that had stood for more than a decade as Wall Street's benchmark for offshore ambition.

The ADRs, listed under the ticker SKHY, began trading Friday on the Nasdaq. Alibaba's listing had raised $25 billion; SK Hynix surpassed it by $3 billion, falling short only of SpaceX's recent flotation in the all-time rankings. The original target for the SK Hynix offering was $29.6 billion, reduced after the company's Seoul-listed shares fell in the weeks before pricing.

What SK Hynix was s...