SK Hynix said it plans to raise up to $29.4 billion through a U.S. stock market listing as investor demand for AI-related stocks continues to surge, according to Reuters. The South Korean memory chipmaker plans to list American Depositary Receipts on Nasdaq.
If completed at the top end, the deal would be among the largest listings globally and one of the largest share sales on record.
The company said proceeds from the ADR listing will be used to build chip factories in South Korea and purchase chipmaking equipment, including extreme ultraviolet scanners.
SK Hynix plans to issue up to 17.79 million new shares, worth 45.45 trillion won, through the ADR listing.
Ten ADRs will represent one common share.
Final pricing will be determined after bookbuilding, though the initial range is based on the company’s June 23 closing price of 2.555 million won.
The planned listing reflects strong global investor appetite for companies tied to AI infrastructure.
SK Hynix is a major supplier of high-bandwidth memory chips used in AI systems by companies including Nvidia and Google.
The company has been one of the biggest beneficiaries of the AI boom, with its shares quadrupling so far this year.
SK Hynix also recently overtook Samsung Electronics to become South Korea’s most valuable company.
Support: BofA Securities, Citigroup Global Markets, Goldman Sachs, and J.P. Morgan Securities are managing the offering.
