The chipmaker aims to raise $28 billion via ADRs, marking one of the largest share sales ever, with trading set to begin July 10.
SK Hynix launched a $28 billion American depositary receipt offering on Nasdaq, targeting funds for semiconductor capacity expansion. The deal, equivalent to 43 trillion won, ranks among history’s largest share sales, with pricing finalized Thursday and trading starting Friday.
The offering was trimmed from an initial $29.65 billion goal after SK Hynix shares declined. Each ADR represents one-tenth of a common share, with 17.79 million new shares issued at a reference price of 242,500 won. Cornerstone investors, including Baillie Gifford and Coatue, committed up to $7 billion.
Proceeds will finance domestic manufacturing and equipment, including ASML’s extreme ultraviolet scanners. Global coordinators include BofA Securities, Citigroup, Goldman Sachs, and J.P. Morgan.