SEOUL: SK Hynix, South Korea’s most valuable company, plans to raise about $29 billion through an initial public offering of American depositary receipts on the Nasdaq, according to a regulatory filing.
The chipmaker said it will issue 17.79 million new shares at a value of 45.45 trillion won ($29.65 billion). Trading is expected to begin July 10, though the company said the dates are tentative and subject to change.
SK Hynix said the ADR listing will expand its investor base, “ultimately allowing its true corporate value to be properly evaluated.”
“We expect to elevate our status as a global company by broadening our touchpoints in the United States, the epicenter of AI technological innovation,” the company said in the filing.
The listing comes as SK Hynix expands rapidly to meet surging demand for artificial intelligence. The company is building a massive new campus of memory chip fabrication plants in South Korea, known as the Yongin Cluster, scheduled to begin operations in 2027. It is also constructing its first U.S. facility, a $4 billion packaging plant in Indiana.
BofA Securities, Citigroup Global Markets, Goldman Sachs and JP Morgan Securities are managing the offering, according to Reuters.
