South Korean chipmaker SK Hynix is set to launch a $28 billion listing on the Nasdaq, marking one of the world's largest new share sales as it capitalizes on the global artificial intelligence (AI) surge.
According to regulatory filings, the company will sell 17.79 million new shares in the form of American Depository Receipts (ADRs), with ten ADRs representing one common share. The stock price range will be announced based on SK Hynix's trading price in Seoul.
SK Hynix's shares have surged approximately 273% this year, outperforming major competitors such as Samsung Electronics and Micron, driven by strong global investor interest in AI stocks. The final listing price is expected to be set on Thursday, with trading commencing on Friday.
The company is a key supplier of high-bandwidth memory chips used in AI systems by clients including Nvidia and Google. Last week, SK Hynix announced plans to invest 100 trillion won ($64.38 billion) to build new chip manufacturing plants, including facilities for NAND flash memory, as part of a broad South Korean initiative to expand benefits from the AI boom.
This share sale is anticipated to be the second-largest globally, following SpaceX's record $85.7 billion initial public offering last month, and surpassing Saudi Aramco's $25.6 billion IPO in 2019 and Alibaba's offering in 2014.
SK Hynix's management will engage with global investors during a roadshow this week.
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