South Korean chipmaker SK Hynix is set to launch a US listing on Nasdaq on Monday, aiming to raise around US$28 billion as it seeks to capitalise on booming global demand for artificial intelligence (AI)-related technologies.
According to regulatory filings, the company will offer 17.79 million new shares through American Depositary Receipts (ADRs), with every 10 ADRs representing one common share. The pricing range will be announced based on SK Hynix’s share price on the Seoul stock exchange, while the final offer price is expected to be determined on Thursday ahead of trading on Friday.
The listing is poised to become one of the world’s largest share sales, underscoring investor confidence in AI-driven semiconductor companies. Despite SK Hynix’s shares falling 4.2% on Monday, the stock has surged about 273% year-to-date, fuelled by strong demand for AI memory chips.
The fundraising comes as South Korea ramps up investments in semiconductors and AI to strengthen its position in the global technology race. Last week, the government announced a US$576 billion semiconductor investment programme, with SK Hynix and Samsung Electronics serving as anchor companies. President Lee Jae Myung has also urged officials to accelerate the rollout of major AI and chip projects, warning that delays in approvals, land acquisition and infrastructure could undermine the country’s competitiveness.
SK Hynix has emerged as one of the biggest beneficiaries of the AI boom, thanks to its leadership in high-bandwidth memory (HBM) chips, which are widely used in AI systems developed by customers including Nvidia and Google.
The company recently announced plans to invest 100 trillion won (US$64.4 billion) to build new semiconductor manufacturing facilities, including a plant for NAND flash memory, as part of South Korea’s broader push to expand its chip industry.
Analysts believe the Nasdaq listing could improve SK Hynix’s global visibility, narrow its valuation gap with US rival Micron Technology, and pave the way for inclusion in the Philadelphia Semiconductor Index, potentially attracting greater passive investment from global funds.
If successful, the deal would rank as the second-largest global share sale, following SpaceX’s US$85.7 billion IPO last month, and surpassing the landmark listings of Saudi Aramco in 2019 and Alibaba in 2014.
