SK Hynix Seeks $29 Billion in Nasdaq Listing for AI Expansion

SK Hynix, South Korea's largest chipmaker, plans to raise about $29 billion through a Nasdaq listing of American depositary receipts, according to a regulatory filing.

The company will issue 17.79 million new shares valued at 45.45 trillion won, or $29.65 billion. Trading is expected to begin July 10, though SK Hynix said the dates are tentative and subject to change.

The listing aims to expand the company's investor base, allowing its true corporate value to be properly evaluated, SK Hynix said in the filing. "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 added.

SK Hynix is expanding rapidly to meet surging demand for AI chips. It is building a massive new campus of memory chip fabrication plants in South Korea, known as the Yongin Cluster, which is set to begin coming online in 2027. The company is also building its first U.S. plant, a $4 billion packaging facility in Indiana.

A group of large banks is managing the offering, including BofA Securities, Citigroup Global Markets, Goldman Sachs and JP Morgan Securities, according to Reuters. Goldman Sachs, one of the underwriters, carries an Alpha Score of 53 out of 100, labeled Mixed, per AlphaScala data.

The offering is subject to market conditions and regulatory approvals, the company said.