SK Hynix launches $28‑$29 B US Nasdaq ADR listing

South Korean memory‑chip maker SK Hynix is set to raise about $28‑$29 billion through an American depositary receipt (ADR) offering on the Nasdaq, with trading slated to begin on July 10. The company will issue up to 17.79 million new shares, each common share represented by ten ADRs priced initially around $166. Proceeds are earmarked for new fabrication plants, advanced packaging facilities and the purchase of extreme‑ultraviolet lithography equipment to expand production of high‑bandwidth memory (HBM) chips that power AI workloads.

If completed, the deal would be the largest share sale by a foreign firm on a U.S. exchange, surpassing previous records and ranking among the world’s biggest capital raises. The listing also seeks to narrow the long‑standing “Korea discount” that has seen Korean‑listed chip companies trade below U.S. peers such as Micron. SK Hynix’s shares have surged roughly 850 % over the past year, pushing its market value above $1 trillion. The offering is backed by a low underwriting fee of about 0.5 % and a syndicate that includes Goldman Sachs, JPMorgan, Citi and others, and is expected to attract demand from hedge funds, ETFs and other U.S. investors.