South Korea’s SK Hynix aims to raise $28 billion in its U.S. debut to fund AI semiconductor capacity expansion.
SK Hynix has launched its Nasdaq initial public offering, targeting $28 billion through the sale of 177.9 million American Depositary Shares. Each ADS represents one-tenth of a common share, with trading set to begin on a when-issued basis under the ticker ‘SKHYV’ on July 10.
Institutional demand for the offering has surged, with orders exceeding available shares by over seven times. The company’s South Korean-listed shares rose 5% on Thursday, extending a 223% gain this year amid strong demand for AI-related chips.
Regular trading of SK Hynix ADSs will commence under the ticker ‘SKHY’ on July 13. The proceeds will support manufacturing expansion to meet growing semiconductor demand driven by artificial intelligence applications.