South Korean memory chip giant SK Hynix has filed for a Nasdaq listing that could raise as much as $29.4 billion. It plans to offer American Depositary Shares (ADSs) on the Nasdaq Global Select Market under the ticker SKHY.
The company intends to issue up to 17.79 million newly created common shares, with ten ADSs representing one share. At the top end, the implied valuation approaches $166 per ADS. BofA Securities, Citigroup, Goldman Sachs, and JPMorgan are managing the process. Bookbuilding starts July 6, with final pricing on July 9 and trading set for July 10.
Since SK Hynix is already publicly traded in South Korea, this is not a traditional IPO. The offering aims to give US investors direct access and raise fresh capital.
The proceeds are earmarked for massive capital expenditures. Plans include new semiconductor factories within South Korea and purchases of advanced extreme ultraviolet lithography machines from ASML.
SK Hynix has become a primary beneficiary of the artificial intelligence infrastructure buildout. It is a critical supplier of high bandwidth memory chips to Nvidia and Google. Its shares have quadrupled this year as demand for AI memory chips tightened global supply.
Analysts expect the US listing to help close a valuation gap with its American competitor Micron. HSBC estimates the improved accessibility could lift SK Hynix’s price-to-book ratio from 2.8 to 3.4, a roughly 20% increase.
The move is part of a larger strategic push. Samsung Electronics and SK Hynix are collaborating on an 800 trillion won national chip project to double the country’s memory production capacity within five years.