SK Hynix shares jumped 11% after filing for a $29.4B Nasdaq listing. Trading expected July 10. The raise funds AI chip expansion in Indiana and Korea. The listing is among the largest tech IPOs.
Shares of SK Hynix jumped 11% on Thursday after the South Korean chipmaker filed to raise as much as $29.4 billion in a Nasdaq listing. The company plans to issue 17.79 million American depositary receipts, with trading expected to begin July 10, according to a regulatory filing.
The offering would be one of the largest tech listings in US history. SK Hynix said the ADR listing would broaden its investor base and allow 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 capital raise coincides with SK Hynix ramping up investment to meet demand for artificial intelligence chips. The company is developing a semiconductor cluster in Yongin, South Korea, expected to begin operations in 2027. It is also constructing its first US production facility, a $4 billion advanced chip-packaging plant in Indiana.
SK Hynix is a leading producer of high-bandwidth memory, a key component in AI accelerators from Nvidia and others. The company has been competing with Samsung Electronics and Micron Technology for market share in the fast-growing HBM segment. SK Hynix has a lead in supplying Nvidia's latest HBM3E chips. Samsung is expected to catch up later this year.
The stock rose 11% on the day, its biggest gain in six months. The company's shares have more than doubled over the past year driven by AI demand.
The filing sets a concrete timeline for the listing. The company said the timetable remains subject to change. The July 10 target date gives the company about two months to market the deal.
SK Hynix is pouring billions into new capacity. The Indiana plant alone represents a $4 billion bet on US chip manufacturing. It aligns with Washington's push to onshore semiconductor production. It also carries construction and regulatory risks.
The company said it expects the ADR structure to improve its valuation by giving US investors direct access to the stock. The company plans to use the proceeds for general corporate purposes, including capital expenditure and debt repayment, the filing said.
The listing follows similar moves by other Korean tech firms, including Coupang and Krafton.
The semiconductor industry is in an upcycle driven by AI. Memory chip demand has historically been cyclical. SK Hynix's heavy investment in new capacity could become a liability if demand slows.
ADRs allow US investors to trade foreign stocks without dealing with local exchanges. SK Hynix's ADRs will trade under a ticker symbol to be announced. The company's shares in Seoul will continue to trade on the Korea Exchange.
SK Hynix was founded in 1983 and is headquartered in Icheon, South Korea. It is the world's second-largest memory chipmaker by revenue. ADRs of Korean companies often trade at a premium or discount to the underlying shares in Seoul. The final pricing will depend on investor demand.
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