SK Hynix shares: blockbuster Nasdaq listing
The SK Hynix logo is visible on the printed circuit board.
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Shares of South Korean chip giant SK Hynix rose 11% on Thursday after the company said it plans to list up to $29.4 billion on the U.S. stock exchange.
The company plans to issue 17.79 million new shares in the form of American depositary receipts through a Nasdaq listing, according to a regulatory filing. The bid could reach 45.45 trillion won ($29.65 billion).
Trading is expected to begin on July 10, although the company has stated that the timeline is subject to change.
SK Hynix said the ADR listing would broaden its investor base and allow “accurate assessment of its true enterprise value.”
“We expect to elevate our status as a global company by expanding our touchpoints in the United States, the epicenter of AI technological innovation,” the company said.
The company is increasing its investments to meet the growing demand for artificial intelligence chips. It is developing the Yongin semiconductor cluster in South Korea, expected to be operational in 2027, and is also building its first U.S. manufacturing facility, a $4 billion advanced chip packaging facility in Indiana.
