The South Korean chipmaker’s ADR offering aims to raise $28 billion, trailing only SpaceX’s $85.7 billion IPO last month.
SK Hynix will sell 17.79 million new American depositary receipts (ADRs) on Nasdaq, pricing on July 9 and trading on July 10. The $28 billion offering ranks as the second-largest share sale in history, behind SpaceX’s $85.7 billion IPO in June.
The deal surpasses Saudi Aramco’s $25.6 billion IPO in 2019 and Alibaba’s $25 billion debut in 2014. Proceeds will fund the company’s expansion in high-bandwidth memory chips, critical for AI data centers. A reference price of 242,500 won per ADR was set based on the July 3 close in Seoul.
The offering targets U.S. investors seeking exposure to the AI supply chain, with SK Hynix as a key supplier of memory chips for Nvidia’s AI processors.