SK Hynix (KRX: 000660) said it plans to raise about $28 billion through a United States initial public offering (IPO) as the South Korean memory chipmaker seeks to tap sustained investor demand tied to artificial intelligence infrastructure growth.
The company will offer 17.79 million common shares in the form of American depositary receipts (ADRs) on the Nasdaq, according to a filing with the US Securities and Exchange Commission on Monday.
The proceeds from the offering are expected to be directed toward capital spending, including the expansion of manufacturing facilities in South Korea and the purchase of extreme ultraviolet (EUV) lithography equipment used in advanced semiconductor production.
Demand for the deal has already surpassed the number of shares available, according to terms cited by Bloomberg, indicating strong investor appetite for exposure to high-bandwidth memory producers benefiting from AI-related computing demand.
The planned listing comes after a sharp rally in SK Hynix shares in Seoul, which have climbed more than 250% over the past year, briefly pushing the company’s market capitalization above $1 trillion.
The ADR valuation is based on recent trading levels in South Korea, though shares in Seoul eased following the announcement as the final fundraising size came in slightly below earlier expectations of about $29 billion.
SK Hynix, alongside rivals Samsung Electronics (KRX:005930) and Micron Technology, has been a key beneficiary of rising demand for high-bandwidth memory, which is widely used in AI servers and advanced computing systems where memory performance has become a critical constraint.
The offering is expected to begin trading on July 10, according to prior filings, and would rank among the largest first-time share sales on record, comparable to major global listings such as Saudi Aramco’s 2019 debut, depending on final pricing and exchange rates.
