South Korean chipmaker SK Hynix is launching a major new share sale on the Nasdaq. The company plans to sell 17.79 million new American Depositary Receipts, with the deal expected to raise about $28 billion.
This would make it one of the largest tech listings globally. The offering is scheduled to start trading on Friday, following a price finalization on Thursday and a global investor roadshow this week.
SK Hynix is a primary beneficiary of the artificial intelligence boom. The company supplies critical high-bandwidth memory chips used in AI systems for major customers like Nvidia and Google.
Its share price has surged approximately 273% this year on strong demand. The company also announced a massive 100 trillion won ($64.38 billion) investment plan to build new chip plants, including facilities for NAND flash memory.