SEOUL — South Korean memory chipmaker SK Hynix has advanced plans for a major U.S. stock market listing, saying it intends to raise up to about $29.4 billion through the sale of American Depositary Receipts (ADRs) on Nasdaq as it seeks to expand production capacity and broaden its global investor base amid sustained demand for artificial intelligence chips. The company announced the plan this week in a regulatory filing.
If completed at the top end of the proposed price range, the transaction would rank among the largest equity offerings ever undertaken and would be one of the biggest global share sales in recent years, according to Reuters calculations based on company filings. SK Hynix said the final amount raised will depend on investor demand during the bookbuilding process.
The world's second-largest memory chipmaker plans to issue about 17.8 million new shares to support the ADR listing, with trading on Nasdaq tentatively scheduled to begin on July 10, subject to regulatory approvals and market conditions. The proceeds are earmarked for construction of a new semiconductor manufacturing facility in Yongin, an advanced chip packaging plant in Cheongju and purchases of semiconductor equipment, including extreme ultraviolet lithography systems, the company said.
In its filing, SK Hynix said the U.S. listing is intended to expand its access to international investors and better reflect the company's market value. "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.
The offering follows a sharp rise in SK Hynix's market value, driven by strong demand for high-bandwidth memory chips used in artificial intelligence systems. The company is a key supplier to Nvidia and other technology firms developing AI infrastructure, and analysts have said a U.S. listing could narrow the valuation gap between SK Hynix and American semiconductor companies.
The proposed ADR sale also comes as investor interest in AI-related companies remains strong despite recent volatility in technology shares. Market analysts said broader access to U.S. investors could increase liquidity, analyst coverage and institutional ownership of SK Hynix shares, although they cautioned that pricing will depend on market conditions during the offering period.
The ADR price is expected to be determined after a bookbuilding process scheduled to begin in early July, according to the company's filing. Major financial institutions, including BofA Securities, Citigroup, Goldman Sachs and J.P. Morgan, are acting as lead underwriters for the transaction.
As of Friday, SK Hynix was continuing preparations for the offering. The company said the timetable remains subject to regulatory review and market conditions, and details of the final pricing will be announced after bookbuilding is completed.
